ECB's Nagel: Rates must rise, unconventional measures should be unwound

The European Central Bank (ECB) must continue to hike rates and halt bond purchases once their job is done, European Central Bank (ECB) Governing Council member and German central bank head Joachim Nagel said on Friday, per Reuters. 

"The fight against inflation comes with burdens," Nagel added. "It is likely to dampen growth temporarily but doing nothing and letting things run their course is not an option."

Market reaction

EUR/USD showed no immediate reaction to these comments and was last seen losing 1.2% on the day at 0.9720.