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The German Economy Ministry has said that it sees growth noticeably more subdued starting in March or the event beforehand due to the coronavirus crisis. It added that it does not see an upturn in the first quarter anymore, as a result of the outbreak. 

The ministry also said that growth could pick up in the third quarter if supply chains are intact again.

While Berlin has refrained from warning of an imminent recession, its fresh assessment is gloomy. 

EUR-UDS has been recovering on Monday after the US Federal Reserve slashed interest rates by 100 basis points all the way to zero. 

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