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“The downside risks have materialized, with Q1 worse than initially expected,”  the  European Central Bank  (ECB) Vice President Luis De Guindos said on Friday.

Further comments

“Sees risk of negative feedback loop between companies, banks and sovereigns.”

“Withdrawal of stimulus must be careful. “

“Also have to avoid zombification of Eurozone.”

EUR/USD reaction

EUR/USD remains pressured below 1.1900 amid a broad US dollar comeback. The spot was last seen trading at 1.1893, down 0.16% on the day.