European Central Bank (ECB) Governing Council member Robert Holzmann said on Wednesday that a 75 basis points hike in interest rates would be a good option for the October meeting, as reported by Reuters. The ECB official noted that a 100 bps increase would be "too much."

Holzmann further added that he was against price caps and argued that people should save energy. 

Market reaction

The shared currency failed to capitalize on these comments. As of writing, the EUR/USD pair was trading at 0.9555, where it was down 0.4% on a daily basis.