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The influential German IFO institute is out with its latest economic projections, in light of the coronavirus pandemic.

Key takeaways

Sees gradual recovery of the German economy after COVID slump.

Sees Q2 German GDP down 11.9% QoQ.

Sees Q3 German GDP up 6.9% QoQ.

Sees Q4 German GDP up 3.8% QoQ.

Sees 2020 German GDP down 6.7%.

Sees 2021 German GDP up 6.4%.

Market reaction

On the optimistic outlook and upbeat German and Eurozone Final Manufacturing PMIs, EUR/USD is extending its bounce towards 1.1250, up 0.08% on the day.