The ECB declined to comment. The sources noted that no decision had been made and the debate remained open.

Hawks see the currency’s strength as testament to the euro zone’s strong economic growth, while doves fear it reflects weakness in the United States and Britain, two of the bloc’s main economic partners, and fear any significant surge above $1.20, a high set earlier this month, the sources said.

“The strength of the euro is the number one problem,” one of the sources said.

ECB rate-setters were comforted by last week’s euro zone wage data, and they will be looking at more indicators such as prices and sentiment, until their Oct. 26 meeting to gauge whether inflation is gradually heading towards the ECB’s target of almost 2 percent.

But there are factors beyond their control.

The prospect of British interest rates rising for the first time in 10 years is giving the ECB some support by boosting the pound against the euro.

On the other hand, several policymakers stressed their uncertainty over whether Donald Trump‘s U.S. administration will be able to deliver on its pledge to boost the world’s largest economy.

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