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Renewed nationwide lockdowns in France, Germany, the UK and tighter restrictions in Italy and Spain are likely to compress the European service sector GDP significantly, Fitch Ratings said on Friday, as reported by Reuters.

Additional takeaways

“Double-dip recession in Europe to weigh on the global recovery.”

“Weaker European recovery will weigh on world growth next year but our 2021 China and US forecasts are unchanged.”

Market reaction

This report doesn’t seem to be having a significant impact on the shared currency’s performance against its rivals. As of writing, the EUR/USD pair was up 0.4% on a daily basis at 1.1870.