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“The coronavirus outbreak is mainly a negative supply-side shock, hence one shouldn’t overstate the adequacy of a monetary policy response,” ECB Governing Council member Francois Villeroy de Galhau said on Tuesday and argued that this crisis would have negative but temporary consequences on growth.

“The Bank of France will likely revise slightly downward 2020 French growth forecast currently at 1.1%,” he added.

EUR/USD reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.0855, adding 0.05% on a daily basis.