"If there were no new asset purchases in July, the European Central Bank (ECB) could act on rates in September," ECB Governing Board member Robert Holzmann said on Wednesday, as reported by Reuters.

Key takeaways

"Negative rates are an anomaly."

"Inflation will be higher than previously forecast, raising rates would be slightly behind the curve rather than ahead of it."

"The public sees that when inflation rises it is up to the ECB to raise rates."

Market reaction

EUR/USD edges lower during the European trading hours but continues to trade in the positive territory near 1.1130.