ECB's Villeroy: Economic recession is behind us

Commenting on the French economic outlook, the European Central Bank (ECB) Governing Council member and Bank of France Head Francois Villeroy de Galhau said Tuesday, the “recession is behind us.”

Additional comments

“2021 economic growth in France should be at least 5%.”

“2021 economic growth in France should be one of the strongest in Europe.”

In the last hour, the French Finance Minister Bruno Le Maire said that the economy will quickly recover once current covid restrictions are lifted.

Market reaction

Amid broader market optimism and easing of the Treasury yields, EUR/USD is extending its recovery from four-month troughs of 1.1836.

The spot was last seen trading at 1.1874, adding 0.27% on the day, as the bulls look to recapture the 1.1900 level.