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European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos noted on Tuesday that the economic recovery in the eurozone still looks uncertain in the first quarter of 2021, as reported by Reuters.

De Cos further added that there are some downward risks to the economic activity seen in the last quarter of 2020 could continue into the new year. 

Market reaction

The shared currency showed little to no reaction to these remarks. As of writing, the EUR/USD pair was up 0.2% on a daily basis at 1.2161.