The European Central Bank (ECB) “urgently needs to act decisively next week,” the central bank’s Governing Council member and German central bank head Joachim Nagel said on Wednesday.

“We need a strong rate hike in September,” Nagel added.

Separately, Germany’s Chancellor Olaf Scholz said that the government will present the next relief package soon.

Meanwhile, EUR/USD remains pressured below parity on these comments, down 0.18% on the day.

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