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The German economy ministry was out with some comments in the last hour and said that the economic recovery will be gradual through the second half of 2020.

Additional quotes:

  • Easing of lockdown suggests we have passed economic trough.
  • Expect Q2 economic output to decline much more sharply than in Q1.
  • Recession likely bottomed out in April.
  • Leading indicators do not point to a sustainable recovery in labour market.
  • Exports likely to pick up from May but we expect a significant decline in German exports and imports in 2020 as a whole.

Meanwhile, the comments did little to influence the shared currency. In fact, the EUR/USD pair extended its sideways consolidative price action and remained confined in a range near mid-1.1200s.

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