Euro was given a slight boost yesterday after the ECB’s Vice-President, Luis de Guindos, said that the economy may have already ‘hit rock-bottom’ and be on its way to recovery, as businesses across the Eurozone slowly reopen. Nonetheless, he said, a return to pre-pandemic levels would only be, at the most optimistic, next year and possibly not until the end of 2022.
Tomorrow will be a busy day for data, with Eurozone and German GDP, as well as Italian industrial orders and sales. Given the climate, all are predicted to be negative.
Philip Lane said yesterday that the ECB intends to ‘do its job’ and support eurozone inflation, in spite of the recent ruling by Germany constitutional court, which requires an explanation from the ECB within three months.
