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Christine Lagarde, President of the Europen Central Bank (ECB), said on Wednesday that they are still clearly dealing with the pandemic crisis and reiterated that support is required well into the recovery, per Reuters.

Lagarde further noted that banks in the eurozone are “pretty solid” but added that they expect to see more bankruptcies going forward.

Market reaction

The shared currency weakened modestly against its major rivals in the last hour. As of writing, the EUR/USD pair, which touched a daily high of 1.1973, was posting small gains at 1.1954.