There are no signs of a wage-price spiral at the moment in the eurozone, European Central Bank Governing Council member Olli Rehn said on Friday.

Commenting on the policy outlook, Rehn reiterated that the rate September rate decision will be determined by the incoming data.

Market reaction

The shared currency struggles to find demand following these comments. As of writing, the EUR/USD pair was trading at 1.0160, where it was down 0.66% on a daily basis. Meanwhile, the US Dollar Index clings to strong daily gains above 107.00.