European Central Bank (ECB) Governing Council member and Central Bank of Ireland Governor Gabriel Makhlouf said on Monday that overwhelming evidence would be needed to consider a 50 basis points rate cut in December, pre Reuters.

Key takeaways

"I believe in cautious and prudent approach, believe the policy is working."

"We are going meeting by meeting."

"Let's see what data tells us; but reasonable to assume we are on a downward trajectory."

"Would be premature to start making decisions on what new US administration might do."

"I am confident we will meet our target next year, all of us should chill out a bit on whether it will be Q1, Q2 or even Q3."

Market reaction

EUR/USD showed no reaction to these comments and the pair was last seen trading virtually unchanged on the day at 1.0540.