European Central Bank Governing Council member Gediminas Simkus said on Tuesday that he believes that the likelihood of October reduction is very small.
The official noted that the Eurozone's economy is developing as forecasted, and it is questionable whether a rate cut in October is needed given this month’s 25-basis-point reduction. He highlighted that by the ECB next month's meeting, there won’t be many new data points to justify such a decision.