European Central Bank (ECB) Governing Council member and Bank of France President, Francois Villeroy de Galhau, said on Friday that the central bank “will probably cut rates this year.”

His comment comes after his colleague Martins Kazaks noted that he is “not optimistic for Spring rate cuts.”

Market reaction

EUR/USD is flirting with highs near 1.0780 on the above comments, up 0.05% on the day.