ECB’s Schnabel: Not adjusting monetary policy in any way in response to German court ruling

In an interview with the Financial Times (FT),  Isabel Schnabel, Member of the Executive Board at European Central Bank (ECB), said dismissed the implications of the German court ruling against the central bank’s asset purchases program (QE).

Key quotes

"We are not adjusting our monetary policy in any way in response to this ruling." 

The court ruling “does not directly affect us and instead was likely to be dealt with by the Bundesbank.”

“The stand-off would not be allowed to inhibit ECB bond purchases.”

Market reaction

The shared currency is little affected by the above comments, as EUR/USD trades 0.15% weaker at 1.0915 amid resurgent US dollar demand across the board. Intensifying US-China tensions put a bid under the greenback.