ECB's Knot: No need to resume QE program at this time

European Central Bank (ECB) Governing Council member Klass Knot crossed the wires in the last minutes arguing that the ECB does not need to resume the Quantitative Easing (QE) program at this time, per Bloomberg.

Knot further added that the market expectations for the ECB's September decision were "overdone."The ECB should keep the powder dry on QE in case of new shock."

With the initial reaction, the shared currency gathered strength against its rivals and the EUR/USD pair was last seen trading at 1.1085, adding 0.07% on the day.