ECB’s Knot: Recession not a foregone conclusion

European Central Bank (ECB) Governing Council member Klaas Knot said on Monday, “recession not a foregone conclusion.”

Additional quotes

“Q4 economic growth will be weak, maybe negative.”

“Need weaker growth for inflation to return to goal.”

Market reaction

Despite the discouraging comments from the ECB policymakers, the EUR/USD is extending its recovery gains above 1.0400. At the press time, the pair is trading at 1.0421, up 0.27% on the day.