European Central Bank (ECB) Chief Economist Philip Lane said on Thursday that natural gas prices in the Euro area are much lower than the ECB's December projections assumed, as reported by Reuters.

Lane added that Red Sea issues are fairly contained given the small contribution of shipping cost to inflation.

Market reaction

These comments don't seem to be having a noticeable impact on the Euro's performance against its major rivals. At the time of press, the EUR/USD pair was trading at 1.0805, losing 0.1% on a daily basis.