ECB: Euro area GDP may fail to grow back to 2019 levels until 2022

The European Central Bank (ECB), in a pre-release of its economic bulletin, noted that the euro area GDP could shrink by around 5-12% this year and rebound by 4-6% in 2021. The economic growth is expected to remain well below the level observed at the end of 2019 until the end of 2022.

The headlines did little to influence the shared currency, with the EUR/USD pair holding steady above mid-1.0900s, closer to over two-week tops set in the previous session.