European Central Bank chief economist Philip Lane said on Thursday that the impact of monetary policy tightening is still unfolding and added that there is a continued transmission of interest rate hikes to broader financing conditions, per Reuters.

Earlier in the day, ECB policymaker Pablo Hernandez de Cos said that the next policy move will be a rate cut but noted that they still need some time to figure out the exact timing of the policy pivot

Market reaction

These comments failed to trigger a noticeable reaction in EUR/USD. At the time of press, the pair was up 0.15% on the day at 1.0744.