ECB's Weidmann: German rebound becoming flatter

The economic recovery in Germany initially appeared V-shaped but is now becoming flatter, Jens Weidmann, European Central Bank (ECB) Governing Council member and Bundesbank President, said on Monday, as reported by Reuters.

Additional takeaways

"Fiscal policymakers have taken the right course of action in Germany and elsewhere."

"Providing banks with ample liquidity, coupled with low interest rates, is crucial to ensuring that the economic crisis is not further aggravated by the financial system."

"Economic activity has passed through the trough. The upward path to the previous level is still long and fraught with uncertainties."

Market reaction

The EUR/USD pair continues to push higher and was last seen gaining 0.43% on the day at 1.1766.