European Central Bank (ECB) Governing Council member Yannis Stournaras told a Greek newspaper on Wednesday, “as things stand now, we can say that interest rate hikes will be over in 2023.”

Additional takeaways

“We are close to the end of the tightening cycle.”

“But cannot say how many more rate hikes are still needed.”

“We may possibly return back to very low rates again but don't know that yet.”

EUR/USD reaction

EUR/USD is little moved by the above comment, keeping its range at around 1.0970, up 0.09% on the day.