ECB's Nowotny: Unlikely to significantly cut economic forecasts in June

European Central Bank Governing Council member Ewald Nowotny is now on the wires, saying that the ECB is unlikely to cut the economic forecasts in June's publication. There was no significant market reaction and the EUR/USD pair was last seen consolidating its daily gains near the 1.13 handle.

Key quotes

• It is not yet the time for the Governing Council to introduce tiering on rates.
• We should not use tiering to keep rates permanently low.