European Central Bank (ECB) Governing Council member Ignazio Visco said on Wednesday that the need for continued tightening is evident but noted that the case for implementing a less aggressive approach was "gaining round," as reported by Reuters.

"Monetary policy decisions in coming months must be based on data and facts, without prior decisions on the path to take," Visco further added and reiterated that long-term inflation expectations in the Eurozone are anchored.

Market reaction

These comments were largely ignored by market participants and EURUSD was last seen rising 0.8% on the day at 1.0430.