Search ForexCrunch

German Economy Ministry was out with a statement in the last hour, saying that the economy is expected to show by far the highest quarterly growth rate ever recorded in Q3, though indicators signal a slowed continuation of the recovery process in Q4. Ministry further stated that COVID-19 effects on the labour market are still significant, slight improvement is already apparent.

The comments extended some support to the shared currency and assisted the EUR/USD pair to hold steady below mid-1.1700s ahead of a scheduled speech by the ECB President Christine Lagarde.