European Central Bank (ECB) policymaker Pablo Hernandez de Cos said on Wednesday that challenges for the European economy are significant and added that they are waiting for more information before deciding the monetary policy path.

Meanwhile, ECB Governing Council member Boris Vujcic said that they seem to be "getting inflation fight right."

Market reaction

These comments failed to influence the Euro's performance against its major rivals. At the time of press, the EUR/USD pair was trading modestly lower on the day at around 1.0700.