European Central Bank (ECB) chief economist Philip Lane said on Tuesday that the coronavirus Omicron variant is not turning out to be a factor that will influence the activity levels for the year, as reported by Reuters.

"So far, we do not see a big response of wages to inflation," Lane added.

Market reaction

The shared currency stays on the back foot following these comments. As of writing, the EUR/USD pair was trading at 1.1282, where it was down 0.35% on a daily basis.