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The national statistics bureau of France, INSEE, is out with its latest economic assessment for the coming quarters, with recovery in sight.

Key takeaways

“Economic activity ran at 81% of pre-virus levels in Q2.”

“Economic activity seen at 95% of pre-virus levels in Q3.”

“Economic activity seen at 96% of pre-virus levels in Q4.”

“Confirms the previous forecast of a 9% decline in French GDP this year.”

Market reaction

EUR/USD posts small losses while trading around 1.1800 amid dovish ECB expectations and ahead of the Eurozone final GDP estimate.