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The economic recovery in the euro area remains very uncertain, uneven and incomplete, Christine Lagarde, President of the Europen Central Bank (ECB), said on Monday.

“At the same time, the uncertainty of the current environment requires a very careful assessment of the incoming information, including developments in the exchange rate,” Lagarde reiterated. “We judge that the economy still needs that support if the recovery is to continue and strengthen further.”

Market reaction

The EUR/USD pair continued to push lower following these comments and was last seen losing 0.57% on a daily basis at 1.0770.