European Central Bank (ECB) policymaker Pablo Hernandez de Cos said on Tuesday that the ECB should start cutting rates in June if inflation continues to slow down as expected, per Reuters.

"Given the high uncertainty, the ECB will follow a data-dependent approach where decisions are taken at each meeting," de Cos added. He also noted that the Spanish central bank was considering setting a positive level for banks' countercyclical buffer.

Market reaction

These comments don't seem to be having a noticeable impact on the Euro's valuation. At the time of press, EUR/USD was up 0.1% on the day at 1.0730.