Spain's Economy Minister Nadia Calvino said on Wednesday, inflation situations in the US and Europe are different, adding that the price hike in the old continent is temporary.

"I wouldn't equate the situation in the U.S. and in Europe as forecasts still show it is a temporary phenomenon in Europe," she said in an interview with radio station Onda Cero.

Market reaction

With the risk-on trading cooling off a bit, EUR/USD is back into the red zone amid resurgent US dollar demand across the board.

The spot is currently trading at 1.1312, down 0.23% on the day.