European Central Bank (ECB) Governing Council member Boštjan Vasle said in a statement on Friday that he expects the March rate hike to be followed by additional increases.

Key quotes

"My personal expectations is that the increase we intend for our March meeting -- that is 0.5 percentage points -- will not be the last one.”

"We will have to continue with increases of our interest rates in the following months.”

"My expectations is that the increase we intend for our March meeting will be followed by additional increases before we reach a level that will be sufficient to bring inflation back to the trajectory towards our goal of 2% inflation.”

“The ECB will also continue to reduce the size of its balance sheet after ending the full reinvestment of maturing debt earlier this month.”

Market reaction

EUR/USD is unfazed by the above comments, keeping its range play intact at around 1.0615, up 0.19% on the day.