European Central Bank (ECB) executive board member Fabio Panetta said on Monday that the inflation in the Euro area was quickly declining toward the 2% target and added that the inflation trend was making a rate cut possible, per Reuters.

"The consensus emerging - especially in recent weeks - within the ECB governing council points in this direction," Panetta added.

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, the EUR/USD was trading marginally higher on the day at 1.0820.