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The European Union’s (EU) economy is expected to rally in the second quarter of the year with more coronavirus vaccinations helping to lift the lockdowns, EU Trade Commissioner Valdis Dombrovskis said on Monday, as reported by Reuters.

Dombrivskis further noted that vaccinations in the EU will accelerate significantly in coming weeks and added that he expects the European economy to return to pre-crisis levels in 2022.

Market reaction

The EUR/USD pair showed no reaction to these remarks and was last seen posting small daily gains at 1.2045.