ECB President Lagarde participated through a pre-recorded video at the European Financial Reporting Advisory Group Conference, in Brussels, and mentioned quantitative tightening (QT). Among other things, Lagarde said it will come up for  “discussion and consideration within the governing council in the not-too-distant future.”

Financial markets ignored Lagarde's words and focused more on Federal Reserve (Fed) officials' comments inclined to the dovish spectrum. Market participants seem to believe that ending the pandemic emergency purchase programme (PEPP) won't be an easy or quick task. 

The EUR/USD pair consolidates gains just ahead of the multi-month low posted earlier in the day at 1.1001.