ECB's Kazimir: No imminent need for ECB to act

"G7 coordination, aimed to shield the global economy, is much appreciated," European Central Bank Governing Council member and Slovak central bank chief Peter Kazimir tweeted out on Tuesday. "Important for ECB to remain alert, monitor situation. There’s no imminent need to act, but we’re ready to step in when and where necessary." 

In the meantime, German Finance Minister Olaf Scholz noted that G7 has agreed to monitor the coronavirus situation very closely and added that the group has all the means on hand to counter a worldwide economic slowdown.

EUR/USD reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1112, erasing 0.18% on a daily basis.