European Central Bank (ECB) policymaker and Croatian National Bank Governor Boris Vujčić crossed wires via Bloomberg TV interview as he appeared at the Jackson Hole Symposium.

The policy maker initially highlighted the stagnating economy of the bloc and a likely peak in the inflation before defending the current monetary policy.

ECB’s Vujčić also highlighted the need to see whether rates are restrictive enough to determine the future course of action.

Market reaction

After the news, EUR/USD drops to the fresh low in 10 weeks while taking offers to around 1.0794 by the press time of early Friday morning in Asia.

Also read: EUR/USD drills 10-week low near 1.0800 with eyes on ECB’s Lagarde, Fed Powell’s speech