European Central Bank member, Isabel Schnabel, told a German newspaper Handelsblatt on Tuesday that the ECB may need to raise interest rates as soon as July to stop high inflation from getting entrenched.

Reuters quoting the news:

"Now it's not enough to talk, we have to act," Schnabel was quoted as saying. "From today's perspective, I think a rate hike in July is possible."

''Before then the ECB must end its bond purchase scheme, probably at the end of June, Schnabel added, warning inflation is becoming increasingly broad.''

EUR/USD is higher on the day by some 0.23% yet has not reacted to the comments, sticking to the 1.0530s.