European Central Bank (ECB) Governing Council member Robert Holzmann said on Friday that the September rate hike will be at least 25 basis points. Holzmann further added that the rate increase could also be 50 bps or something in between, per Reuters.

Market reaction

EUR/USD is having a difficult time staging a meaningful rebound following Thursday's sharp decline. The pair was last seen trading flat on the day at 1.0615. Meanwhile, safe-haven flows dominate the markets ahead of the weekend with the Euro Stoxx 600 Index losing more than 1% in the European morning.