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The latest Bank of France economic forecasts showed that the economy contracted in line with expectations in the second quarter of 2020.

Key highlights

“French economy in July ran 7% below the level expected had there been no coronavirus crisis.”

“The euro zone’s second-biggest economy contracted 13.8%, in line with its forecast.”

“The rebound continued in July, at a more moderate rhythm, in line with the trajectory anticipated last month.”

“In the manufacturing industry, capacity utilization in July rose 3 points to 72%.”

“Manufacturing and service sector activity would be stable in August.”

EUR/USD capped by 1.1800

The EUR/USD pair remains under mild bearish pressure in early Europe, trading at 1.1781, at the time of writing. The euro remains unperturbed by the above forecasts.