ECB's Schnabel: It's becoming increasingly unlikely that rates are holding back spending

The ECB's Schnabel is out with some hawkish comments:

• It is becoming increasingly unlikely that current financing conditions are materially holding back consumption and investment
• The nature of the inflation process is likely to have changed lastingly
• The natural rate of interest in in the eurozone has increased appreciably over the past two years

This is the second round of hawkish comments from Schnabel and it's a tailwind for the euro.