The European Central Bank (ECB) Vice President Luis De Guindos offered some optimistic comments on the Euro area growth outlook, in a speech on Monday.
Key quotes
“ECB had expected Q2 GDP drop of 13%, now sees contraction “slightly better”
“High frequency data, most recent data that the ECB is receiving shows that drop in Q2 likely to be better than expected.”
“Hopes that European governments response is proportionate to the challenge.”
EUR/USD holds gains around 1.1450
EUR/USD ignores the above comments, as it trades 0.23% higher at 1.1452 amid hopes of the EU leaders reaching a deal on the recovery fund.
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