ECB's Lagarde: Determined to provide accommodation for favourable financing conditions

"It is certainly our determination to continue to provide the necessary support in order to maintain favourable financing conditions, in a completely data-dependent and flexible manner, in order to make sure that the recovery is not just a rebound," Christine Lagarde, President of the Europen Central Bank (ECB), reiterated on Friday, per Reuters.

Lagarde further added that the economy is doing better than feared but noted that they are not out of the woods yet.

Market reaction

The EUR/USD pair retreated from daily highs following these comments and was last seen posting modest gains at 1.1836.