ECB's Lagarde says a rate hike unlikely for 2022

European Central Bank President Christine Lagarde reiterated on Friday that the "conditions to raise rates are very unlikely to be satisfied next year."

Lagarde was speaking to the Frankfurt European Banking Congress on Friday, when she warned that the ECB "must not rush into a premature tightening" of monetary policy.

The euro fell following Lagarde's comments, dropping to $1.1301 against the dollar.

Lagarde had already sought to cool expectations of an interest rate hike next year, following the ECB's October policy meeting.