Alfred Kammer, Director of the European Department of the International Monetary Fund (IMF), said on Friday that the euro area economy contracted by 6% 2020, compared to the IMF’s estimate of 7%, Reuters reported.
Next week, the Eurostat will release the fourth-quarter Gross Domestic Product (GDP), which is expected to show a contraction of 5.1% on a yearly basis.
Market reaction
The shared currency came under modest bearish pressure against its major rivals. As of writing, the EUR/USD pair was trading at fresh daily lows below 1.2100, losing 0.25% on a daily basis.
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