European Central Bank (ECB) President Christine Lagarde said at the Reuters event that it is “very unlikely to see rate hikes in 2022.”

"We stand ready in both directions," she added. 

Read: Lagarde Speech: When conditions of forward guidance are met, we will not hesitate to act

EUR/USD reaction

The euro is losing ground against the US dollar on the dovish comments from Lagarde, with EUR/USD currently heading towards the daily lows near 1.1280. The spot is down 0.09% on the day.

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