The euro was put under pressure on Thursday, with EUR/USD retreating from
seven-week highs, after European Central Bank official Ewald Nowotny
said fresh moves to bolster price growth in the euro area are necessary.
Both headline and core inflation in the eurozone are vividly undershooting the ECB’s target, said Nowotny.
"In my view, it's quite obvious that additional sets of instruments are necessary," he said.
The annual rate of inflation in the euro area turned negative last month for the first time since the ECB started its trillion euro asset purchase program in March.
The ECB targets annual inflation of close to, but just below 2%.
EUR/USD was last down 0.29% to 1.1439 after rising to highs of 1.1496 earlier, the strongest since August 26.
The shared was also lower against the pound and the yen, with EUR/GBP down 0.45% to 0.7380 and EUR/JPY down 0.75% to 135.35.
