European Central Bank (ECB) Governing Council member and Governor of Austria's central bank Oli Rehn made some comments on the central bank’s interest rates policy during his appearance over the weekend.

He said that he sees grounds for "significant interest rate increases from the ECB this winter and the coming spring.”

Market reaction

EUR/USD is testing the 1.0900 level on the hawkish ECB commentary, its highest level since last April. The spot is up 0.38% on the day.