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Ahead of the final revision of the Eurozone inflation figures for February, a key market gauge of long-term Eurozone inflation expectations hit a new record low on Wednesday.

Having breached the key 1% level earlier this month, the gauge extended the declines below 0.80%

Note that the falling inflation expectations in the Euro area will remain a major concern for the ECB in the coming months, as its inflation objective remains close to 2%.  

EUR/USD under pressure around 1.1000

Amid falling Eurozone inflation expectations and broad US dollar strength, the shared currency wipes out gains in the last hour, as EUR/USD trades around the 1.10 handle, digesting the latest announcement from the German Finance Ministry.

The German Finance Ministry announced a cut to its countercyclical buffer to 0% from 0.25% to battle the economic fallout from the coronavirus outbreak.