"I think 75 basis points should be among the options for September given that the inflation outlook has not improved," European Central Bank (ECB) Governing Council member Madis Muller told Reuters on Tuesday.

"Still, I’m going into the meeting with an open mind and I want to both see the new projections and hear my colleague’s arguments," Muller added.

Market reaction

These comments failed to provide a boost to the shared currency and the EUR/USD pair was last seen posting small daily gains at 1.0008.