Christine Lagarde, President of the European Central Bank (ECB), is delivering her remarks on the policy outlook and responding to questions from the press following the Governing Council's decision to hike key rates by 50 basis points in December.

Key takeaways

"Given financing conditions and expected terminal rate in projection, we need to continue to fight against inflation."

"Info predicates 50 bps next meeting, possibly next one as well, possibly thereafter."

Market reaction

Although the risk-averse market environment seems to be helping the US Dollar limit its losses for the time being, EUR/USD clings to daily gains at around 1.0700 following these comments.