"Underlying inflation in the eurozone remains sticky and monetary policy needs to be more stubborn than price growth," said European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel during an interview with Bloomberg.

The policymaker also said that he didn’t see a recession coming.

ECB’s Nagel is yet to make up his mind about the September policy decision but he considers inflation far too high while a recession is still not on the cards per the Bloomberg interview shared by Reuters.

EUR/USD stays pressured

Although the EUR/USD pair failed to show any quick reaction to the news, it did fade the mid-week rebound from the 10-week low and remains depressed around 1.0800 by the press time of early Friday morning in Asia.

Also read: EUR/USD threatens 200-day SMA amid USD strength