European Central Bank (ECB) Governing Council Member Olli Rehn said on Friday that the relief on supply bottleneck may not arrive until toward the end of 2022, as reported by Reuters.

Earlier in the day, Reuters reported that a recently conducted survey saw an increase in the 2022 annual inflation forecast to 2.2% from 1.8% in October's poll. 

Market reaction

The EUR/USD pair edged slightly higher following these comments but doesn't seem to be gathering bullish momentum. As of writing, the pair was virtually unchanged on the day at 1.1451.