"I think we have reached the interest rate peak," European Central Bank (ECB) Governing Council member Yannis Stournaras told Boersen-Zeitung on Thursday. "As things stand, I assume that our next step will be an interest rate cut," he added.

Stournaras further added that it was still too early to discuss the timing of rate cuts and said that they could reach the inflation target by the end of 2025, maybe a bit earlier.

Market reaction

These comments failed to trigger a noticeable reaction in EUR/USD and the pair was last seen losing 0.1% on the day at 1.0648.