ECB's Makhlouf: Fears of excessive inflation overstated

European Central Bank governing council member Gabriel Makhlouf argued on Friday that fears of the excessive inflation in the euro area is overstated, per Reuters.

Makhlouf further noted that they have the ability to fight inflation "as strong as ever" and added that he expects similar levels of eurozone inflation in the coming months after the 3% increase recorded in August.

Market reaction

The EUR/USD pair showed no immediate reaction to these comments and was last seen gaining 0.1% on the day at 1.1775.