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“There are no signs of the German economy entering a recession, we stick to the 2020 GDP growth forecast of 1.1% for the German economy despite coronavirus risks,” German Finance Minister Olaf Scholz told Reuters in an interview on Wednesday.

“I expect G20 financial leaders at Riyadh meeting to make progress on global minimum taxation for companies, new tax rules for tech giants,” Scholz added. When asked about the G20 action plan to shield the world economy from coronavirus impact, “we have to be ready to act when necessary, but for now, we are still monitoring developments,” Scholz responded.

EUR/USD reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.0780, where it was virtually unchanged on a daily basis.