Commenting on the European Central Bank's (ECB) policy outlook, ECB President Christine Lagarde said on Monday that any tightening measure now would cause more harm than good to the economy, as reported by Reuters.

Lagarde refrained from touching on what the policy strategy would look like in 2023.

Market reaction

These remarks don't seem to be having a noticeable impact on the shared currency's performance against its major rivals. As of writing, the EUR/USD pair was virtually unchanged on a daily basis at 1.1453.