European Central Bank (ECB) policymaker Madis Muller said on Wednesday that he was in favour of a 25 basis points rate hike in July.

Muller further noted that he would not be surprised if rates raised past zero in 2022. 

Earlier in the day, "it seems necessary that in our policy rates we move relatively quickly out of negative territory and continue our gradual process of monetary policy normalisation," ECB policymaker Olli Rehn told a seminar in Helsinki. 

Market reaction

EUR/USD stays under modest bearish pressure in the European session and was last seen losing 0.27% on the day at 1.0518.