European Central Bank (ECB) Governing Council member Ignazio Visco told Bloomberg TV on Friday that a rate hike in June was out of the question but added that July could be the time to start raising rates, as reported by Reuters.

Visco further noted that they could move out of the negative rate territory.

Market reaction

EUR/USD continues to consolidate its weekly gains during the European trading hours. The pair was last seen trading at 1.0565, where it was down 0.2% on a daily basis.