ECB Board nominee Schnabel: September stimulus can be justified by current inflation data

The European Central Bank's (ECB) September stimulus could be justified by current inflation data as well as the outlook for inflation over the medium-term, argued Isabel Schnabel, Germany’s nominee to the board of the ECB.

"Over the past 20 years, the ECB has been very successful in achieving its primary objective of price stability," Schnabel said. "The current situation is characterized by a global downturn, related to rising uncertainty in response to the trade conflict and the looming Brexit."

The EUR/USD pair, which slumped to a daily low of 1.0993 in the last hour, was last seen trading at 1.1000, down 0.07% on the day.

"The experience with low and even negative interest rates in the euro area appears to have been positive," Schnabel further added.