European Central Bank (ECB) Governing Council member and French central bank governor Francois Villeroy de Galhau said late Thursday, "it would be desirable to reach the right 'terminal rate' by next summer, but it is too early to say at what level.”

"We need to be pragmatic and guided by observed data, including underlying inflation, without fetishism for increases that are too mechanical,” Villeroy added.

Market reaction

EUR/USD was last seen trading at 1.0532, up 0.14% on the day.