ECB's Nowotny: central bank should focus on getting deposit rate out of negative territory

The European Central Bank (ECB) Board Member Edwald Nowotny is out on the wires assuring markets that the Italian fiscal concerns are unlikely to delay the central bank's plans to hike interest rates. 

Nowotny added further that the ECB should focus on pushing the deposit rate back into the positive territory. 

The EUR could pick up a bid on Nowotny's comments, but the bulls are cautioned against being too ambitious as the ratings agency Fitch is scheduled to report on Italy's creditworthiness later today.