Breaking: ECB's Rehn: ECB stimulus package may beat expectations, EUR/USD drops toward 1.11

In an interview with the Wall Street Journal, the European Central Bank's rate-setting committee member Olli Rehn said the bank's package of stimulus measures, which will be announced in September, could overshoot investors' expectations.

"It's important that we come up with a significant and impactful policy package in September," Rehn told the WSJ.

With the initial market reaction, the shared currency came under strong bearish pressure and the EUR/USD pair retreated toward the 1.11 mark. As of writing, the pair was down 0.22% on the day at 1.1114.