European Central Bank (ECB) Governing Council member Isabel Schnabel said on Friday that another 50 basis points (bps) rate hike in March will be needed under virtually all scenarios.

Schnabel further added that quantitative tightening could be sped-up after June and noted that she sees risk that markets will underestimate inflation.

Market reaction

These comments don't seem to be helping the Euro gather strength against its major rivals. As of writing, the EUR/USD pair was down 0.25% on a daily basis at 1.0640.