FXStreet reports that fresh research conducted by the European Central Bank (ECB) suggested on Monday, the impact of the exchange rate price action on the Eurozone consumer price inflation has reduced and is close to insignificant.

"While a weaker euro does raise import prices, the impact on the bank's key measure, the so-called harmonized index consumer prices (HICP) is close to insignificant."

"A 1% depreciation of the euro raises total import prices in the euro area and its member countries by, on average, about 0.30% within a year."

"Over the same period, headline HICP rises by about 0.04%, although the estimates are not always significantly different from zero."