European Central Bank (ECB) Governing Council member Isabel Schnabel said on Friday that further increases in the ECB's key rates will be needed, as reported by Reuters.

"The risks of a wage-price spiral are contained, provided inflation expectations remain anchored," Schnabel further added. ECB policymaker explained that she continues to call for a “robust control” approach to monetary policy amid uncertainty about the persistency of inflation.

Market reaction

EUR/USD largely ignored these comments and was last seen trading at 0.9790, where it was down 0.23% on a daily basis.