ECB's Lagarde: Closely monitoring rise in yields

Christine Lagarde, President of the Europen Central Bank (ECB), said on Friday that they are closely monitoring the rise in yields, as reported by Reuters.

"It's too early to debate long term issues, too early to ask medium-to-long-term questions," Lagarde added. "We have to focus on favourable financing conditions."

Market reaction

The shared currency continues to weaken against its rivals following these comments. As of writing, the EUR/USD pair was trading at 1.2192, losing 0.28% on a daily basis, and the EUR/GBP pair was down 0.27% at 0.8590.