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Fundamental Forex Analysis

Economy to return to pre-crisis levels only in 2022

The latest Bank of France economic forecasts showed that the economy will likely take two years to return to its pre-coronavirus pandemic growth.

Key highlights

“French economy to contract 10.3% in 2020, grow 6.9% in 2021, 3.9% in 2022.”

“French economy seen contracting 15% QoQ in Q2 after slumping 5.3% in Q1.”

“French economy seen shedding nearly 1 million jobs in 2020, unemployment to reach a record 11.8% in the first half 2021.”

“French economic activity operating down 17% from normal levels at end-May, less than 12% possible in June.”

Market reaction

EUR/USD trades directionless around 1.1290, awaiting the Eurozone Q1 GDP and employment data for fresh impetus.

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