ECB's de Guindos: ECB not targeting any currency level

Commenting on the euro's market activity, "my impression is that the euro is not going to move much and that it is going to hover around $1.10," Luis de Guindos, Vice-President of the European Central Bank (ECB), said on Monday.

"The ECB is not targeting any currency level," de Guindos added. "Conversations have taken place with the other major central banks, they always take place in times of volatility."

EUR/USD reaction

The EUR/USD pair initially spiked higher to 1.1164 on these comments but struggled to preserve its momentum. As of writing, the pair was up 0.93% on the day at 1.1128.