European Central Bank (ECB) Governing Council member Yannis Stournaras noted on Thursday that they are not observing excessive wage demand in Europe, as reported by Reuters.

In the meantime, ECB policymaker and Governor of the Central Bank of Cyprus Constantinos Herodotou said that they are not targeting exchange rates while adding that they do take their impact on inflation into account.

Market reaction

The shared currency stays on the back foot following these comments and the EUR/USD pair was last seen posting small daily losses at 1.0172.