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“Low interest rates are helping Germany get through the period of slower growth,” European Central Bank’s (ECB) chief economist Philip Lane argued on Wednesday and noted that many people thought Germany would slip into a recession. 

“I firmly believe that the interest rate in the future will be higher because we have an easy monetary policy now,” Lane added. “With recovery, the maximum achievable interest rate might be 2-3%.”

EUR/USD remains on back foot

These comments failed to help the shared currency find demand and the EUR/USD pair was last seen trading at 1.1020, down 0.2% on the day.