ECB's Kazaks: Support beyond PEPP will be necessary

European Central Bank (ECB) Governing Council member Martins Kazaks said on Monday that the ECB will need to keep supporting the euro area economy even after the Pandemic Emergency Purchase Program (PEPP) comes to an end, per Reuters.

"We will be very careful in phasing out monetary stimulus," Kazaks further added.

Market reaction

The shared currency continues to have a difficult time finding demand on Monday. As of writing, the EUR/USD pair was trading at 1.1710, where it was down 0.13% on a daily basis.