Germany’s influential IFO institute said in a report on Tuesday, it sees the economy contracting by 6.6% YoY in 2020.
Sees economy contracting by 1.9% in Q1, 12.2% in Q2.
German economy to return to pre-crisis level at end of 2021.
EUR/USD: Recovery mode intact
EUR/USD is off the 1.0810 lows and recovers to 1.0830, almost unchanged on the day. The German economic forecasts by IFO fails to deter the EUR bulls for now.