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“We will need up to one year to know how the eurozone will recover,” European Central Bank’s (ECB) chief economist Philip Lane said in an interview on Wednesday.

Additional takeaways

“Data should be mostly positive for a long time but a good bounce in the economy does not reveal the profile of the recovery.”

“Reports of further COVID-19 infections not helping recovery in confidence, investments.”

“ECB scenarios are for low but positive inflation ahead.”

“Current corporate ratings look reasonable, not obvious there should be a lot more downgrades.”

“Absolutely not into yield targeting; ECB doesn’t take a view on any particular level of spread.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1220, down 0.1% on a daily basis.