European Central Bank (ECB) policymaker Pablo Hernandez de Cos said on Tuesday that the uncertainty over the macroeconomic data remains high and added that the timing of the ECB policy pivot will depend on data.

He further noted that inflation in the Euro area is expected to continue its downward trend.

Market reaction

These comments don't seem to be having a noticeable impact on the Euro's performance against its major rivals. At the time of press, EUR/USD was trading at 1.1005, losing 0.35% on a daily basis.