ECB’s Cipollone urged colleagues to hold off on further hikes until new economic projections land
European Central Bank (ECB) Executive Board member Piero Cipollone on Wednesday urged colleagues to hold off on any further rate hikes until new economic projections land.
His comment marked a notable shift after the ECB raised the interest rates earlier in June in response to an Iran-driven oil price spike.
Market reaction
At press time, the EUR/USD pair trades 0.17% lower at around 1.1403.
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