ECB's Lane: Important ECB responds to significant deviation of inflation from target

 European Central Bank (ECB) chief economist Philip Lane crossed the wires in the last öinutes arguing that the ECB's latest decision was not a dramatic policy but a recalibration and added that it was important for the bank to respond to a significant deviation of inflation from the target.

"The weakness in Germany is a result of concentration in manufacturing, not a reflection of broader problems," Lane said. 

The EUR/USD pair was last seen trading at 1.0947, adding 0.25% on the day. However, this move seems to be a product of the renewed selling pressure surrounding the Greenback following the mixed macroeconomic data releases.