"Inflation in the euro area is far too high and it is likely to stay above the European Central Bank’s (ECB) target for an extended period of time,"  European Central Bank President Christine Lagarde said on Friday.

Additional takeaways

"The ECB’s Governing Council expects to raise interest rates further over the next several meetings."

"The risks to the inflation outlook are primarily on the upside."

"Despite recent adjustments, financial markets still appear to be pricing in outcomes that could turn out to be too optimistic."

Market reaction

The EUR/USD pair showed no immediate reaction to these comments and it was last seen losing 0.4% on the day at 0.9732.