European Central Bank (ECB) policymaker Joachim Nagel said on Tuesday that ECB rate cuts are not on the agenda in the foreseeable future and noted that ECB rates are not yet restrictive.

"A timely chat is needed on how far to lift QR caps after June," Nagel added and reiterated that they need "further, significant" rate hikes.

Market reaction

The Euro struggles to capitalize on the these hawkish comments. As of writing, the EUR/USD pair was trading at 1.0692, losing 0.35% on a daily basis.