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In  an interview with German news outlet Handelsblatt, European Central Bank (ECB) chief economist Philip Lane argued that the weakness witnessed in the eurozone economy was temporary.

“There is no recession and the risk of deflation is small,” Lane further added, as reported by Reuters.

These remarks had little to no impact on the shared currency’s performance. As of writing, the EUR/USD pair, which recovered above 1.0960 earlier in the session, was down only 0.04% on the day at 1.0937.