ECB Governing Council member Joachim Nagel spoke earlier on Sunday and said:We are no longer restrictive I believe that we can now take the time to look at the situation firstWe now have maximum flexibilitySeveral 'ECB sources' reports after last week's decision indicated that policymakers are planning to pause at the July meeting. The market is pricing only one further cut from here. This article was written by Adam Button at www.forexlive.com.