European Central Bank (ECB) policymaker Pablo Hernandez de Cos said on Monday that core inflation in the Eurozone is projected to remain elevated for the rest of the year, as reported by Reuters.

"If the baseline scenario published in March is confirmed, there is still ground to be covered in terms of monetary policy," de Cos added.

Market reaction

These comments don't seem to be helping the Euro find demand in the American session. As of writing, EUR/USD pair was trading at 1.0840, where it was down 0.5% on a daily basis.