The European Central Bank's Martins Kazaks said ''there is no pivot, we still say that inflation is a problem, and we will keep raising rates.''

He was also recently quoted saying that the European Central Bank must raise interest rates much further, but that it is impossible to say how far because economic uncertainty is too high.

“Nobody at the moment can know with any precision where exactly the terminal rate will be,” Kazaks said in an interview in Riga. Borrowing costs “are still way below where they should be” and must move to levels that equate to monetary tightening, not just a withdrawal of stimulus, he said. 

Meanwhile, the euro is advancing on Monday. Investors have been of the mind that the US economy is slowing enough to allow the Federal Reserve to ease its rate-hiking pace and the ongoing speculation that China may ease COVID restrictions. The euro is approaching last month's highs as the following hourly chart illustrates: