European Central Bank (ECB) Executive Board member Piero Cipollone said on Wednesday that they are seeing some signs of economic recovery in the Euro area, citing the latest PMI data.

Cipollone said that they expect inflation to resume on its path toward 2% next year and reach the target in 2025.

"If the incoming data in June and July confirm that confidence about the target improves, it will be appropriate to remove some restrictive measures imposed in 2023," he added, per Reuters, but noted that the impact of the Middle East conflict on energy costs is a major risk. 

Market reaction

These comments don't seem to be having a significant impact on the Euro's performance against its rivals. At the time of press, EUR/USD was up 0.22% on the day at 1.0640.