The European Central Bank's (ECB) latest decision to hike the key rates does not mean there has been a forgone conclusion on the final level of interest rate, ECB policymaker Constantinos Herodotou said on Wednesday, as reported by Reuters.

Market reaction

EUR/USD preserves its recovery momentum following these comments. As of writing, the pair was trading at 1.0015, where it was up 0.5% on a daily basis. Meanwhile, the Euro Stoxx 600 Index is down 0.4% on the day, pointing to a cautious market mood.