ECB's Rehn: ECB needs significant rate hike in October

"There is a case for taking a decision on another significant rate hike, be it 75 or 50 basis points or something else," European Central Bank (ECB) Governing Council member Olli Rehn told Reuters on Wednesday.

Additional takeaways

"ECB should reach neutral interest rate level by Christmas; frontloading hikes are still appropriate."

"No qualms about restrictive rate policy are inflation outlook would warrant it but that decision is for later."

"ECB should look into changing TLTRO terms."

"Muted wage growth still a key anchor for inflation."

Market reaction

The shared currency managed to erase some of the daily losses it suffered against the dollar after these remarks. As of writing, EUR/USD was down 0.2% on the day at 0.9575.