European Central Bank President Christine Lagarde said on Tuesday they understand that rising prices are a concern for many people and noted that they take this concern very seriously, as reported by Reuters. 

"People can trust that our commitment to price stability is unwavering, which is critical for the firm anchoring of inflation expectations and for confidence in the currency," Lagarde added. "The new strategy is especially important today in light of the phase of higher inflation we are seeing."

Market reaction

The shared currency came under modest bearish pressure after comments and the EUR/USD pair was last seen trading flat on the day at 1.1327.