In an interview with French magazine L'Express, European Central Bank (ECB) policymaker Joachim Nagel argued the ECB needs to continue to tighten the monetary policy, as reported by Reuters.

"We have to continue tightening monetary policy to dampen price pressures and keep inflation expectations anchored at our inflation target," Nagel explained and added that their job of reining inflation is not done yet.

Market reaction

These comments failed to provide a boost to the Euro. As of writing, the EUR/USD pair was trading at 1.0855, where it was down 0.12% on a daily basis.