Italy's Draghi: ECB hikes bound to be more gradual than in US

Italian Prime Minister Marido Draghi said on Thursday that the European Central Bank's (ECB) decision to hike the interest rate is inevitable, as reported by Reuters.

"ECB interest rise is bound to be more gradual than in the US," Draghi added and said that it was totally counterproductive for politicians to comment on the ECB's policy.

Market reaction

The shared currency continues to outperform its rivals on Thursday and the EUR/USD pair was last seen trading at its highest level in nearly a week at 1.0550, rising more than 1% on a daily basis.