The trader completely priced in a 75 basis point rate hike by the European Central Bank this year.

Traders have increased their bets on the European Central Bank raising interest rates, with expectations that the ECB will raise rates by 75 basis points this year, as rising energy prices have sparked concerns about inflation. Forward rate agreements linked to policy meeting dates suggest rates could be raised by 79 basis points by the end of the year, higher than the 70 basis points predicted on Thursday. Traders believe the first rate hike could come as early as next month, with a 75% likelihood.