It's too early to comment on the effect on the FX rate from Fed hike says Nowotny

Speaking in Frankfurt

• Fed's decisions was inline with ECB expectations
• Sees interest rate differentials for quite some time
• Core inflation has more direct link to ECB policy
• ECB policy is not determined by difference to US
• FX rate is important element in cost competitiveness

He's going to be watching that divergence for quite sometime given the separate paths the ECB and Fed are on