ECB’s Kazaks: Doesn't see 2% price goal reached in medium-term

The European Central Bank (ECB) Governing Council member Martins Kazaks crossed the wires in the last hour and said that there is no reason to expect permanently hot inflation.

Additional quotes:

• The ECB inflation outlook is likely to be revised higher.
• Doesn't see the 2% price goal reached in the medium-term.

Market reaction

The remarks did little to influence the shared currency, or provide any impetus to the EUR/USD pair, which, so far, has managed to hold its modest gains near the 1.1775-80 region amid softer USD.