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The coronavirus is a downside risk but it is premature at this stage to evaluate its impact on the eurozone economy, said Chairman of Eurozone finance ministers (Eurogroup) Mario Centeno. “Coronavirus is a temporary shock, the eurozone is resilient and has the means to react.”

“We stand ready to act if it becomes a less temporary event,” Centeno added. “Sectoral measures to mitigate the impact of coronavirus are always possible.”

EUR/USD reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.0990, down 0.1% on the day.