ECB's Rehn: Rate tiering provides us with more space for further rate cuts

Commenting on the European Central Bank's monetary policy decisions announced yesterday, European Central Bank policymaker and  Finnish central bank chief Olli Rehn said that the ECB's policy package was a response to the shortfall in inflation, per Reuters.

"The rate tiering provides us with more space for further rate cuts if necessary," Rehn added.

The EUR/USD pair retreated from its daily highs on these comments and was last seen trading at 1.1092, where it was still up 0.27% on a daily basis.