Germany's Bundesbank: Recession in Germany inevitable, public finances are solid

A deep recession in Germany is inevitable amid the coronavirus outbreak, German central Bank Bundesbank acknowledged in its monthly report on Monday.

"The slide into a pronounced recession cannot be prevented," the publication read, per Reuters. However, the bank further noted that German public finances were well-positioned to handle this situation.

Market reaction

The EUR/USD pair largely ignored these remarks and was last seen trading at 1.0695, where it was virtually unchanged on a daily basis. Later in the day, markets will be paying close attention to the European Commission's Consumer Confidence data for the euro area.