ECB board nominee Panetta: Benefits of ECB policy outweigh side effects for now

The European Central Bank (ECB) Governing Council Nominee Fabio Panetta, speaking in the European Parliament this Tuesday, said that we must be alert to any unintended consequences of our policy but the benefits, for now, are outweighing the side effects. We must use our instruments flexibly in line with the mandate, Panetta added further.

EUR/USD holds steady above 100-DMA

Meanwhile, the comments provided a minor lift to the shared currency in the last hour. The EUR/USD pair has managed to hold steady just above the 100-day SMA and was last seen trading around the 1.1085 region.