European Central Bank governing council member and Bank of France head Francois Villeroy de Galhau said on Tuesday that the market reaction to last week's ECB meeting may have been too strong.

Market Reaction

This may have been a reference to money market pricing that jumped forward to pricing a possibility of an ECB hike as soon as July, rather than a reference to currency markets. Nonetheless, the euro did see some momentary weakness, with EUR/USD dipping back towards session lows in the 1.1400 area to probe session lows.