The euro traded higher against the U.S. dollar Wednesday, following comments from the European Central Bank President Christine Lagarde that inflation is "still high."
The euro was up by roughly 0.2% against the U.S. currency around 9 a.m. London time.
"A sizeable policy adjustment is already behind us: since July last year we have raised interest rates by 350 basis points. However, inflation is still high, and uncertainty around its path ahead has increased. This makes a robust strategy going forward essential," Lagarde said in a speech Wednesday.
"But the public can be certain about one thing: we will deliver price stability, and bringing inflation back to 2% over the medium term is non-negotiable," she added.
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The ECB last week decided to raise its interest rates by a further 50 basis points, shrugging off turmoil in the banking sector.
This is a breaking news story and it is being updated.