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In its latest report published on Friday, Germany’s Institute for Employment Research (IAB) projected the country’s GDP to decline by 2% in 2020, in the face of the coronavirus crisis.

Expect unemployment to rise by 90,000 to 2.356 mln in 2020 if the coronavirus crisis is mild.

If the crisis is severe and only normalizes at year-end, the unemployment number could rise above 3 mln.

  • EUR/USD retreats from tops above 1.0800