European Central Bank (ECB) Governing Council member Ignazio Visco said on Thursday that he expects the ECB to continue to hike the policy rate in a gradual and sustained way after September, as reported by Reuters.

Additional takeaways

"Future rate hikes after September will depend on new data and its impact on medium-term price stability prospects."

"Markets perceive a hawkish ECB stance which in my view is not appropriate."

ECB will continue to focus on economic developments, which are currently very uncertain."

"Convinced ECB's determination will help restore more order to markets."

"More orderly markets will help investors better assess the real conditions of our economy."

Market reaction

The EUR/USD pair showed no immediate reaction to these comments and was last seen losing 0.15% on a daily basis at 1.0428.