European Central Bank (ECB) executive board member Fabio Panetta said on Wednesday that the current economic environment in the Eurozone is consistent with a normalization of the monetary stance, per Reuters.

Panetta noted that the ECB will pursue a gradual and smooth normalization, while avoiding even a 'casual forward guidance' on the timing of rate moves.

Market reaction

The Euro struggles to find demand following these comments. At the time of press, EUR/USD was trading at 1.0682, where it was down 0.3% on a daily basis.