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Germany’s Scholz: Economy is in better shape than feared a few weeks ago

von Dhwani Mehta - Aug 26th 3,961 Views
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Germany’s Finance Minister Olaf Scholtz sounds upbeat on the economic recovery yet again this Wednesday, noting that the economy is in better shape than feared a few weeks ago.

Further comments

“We trust forecasts that say we'll reach pre-crisis levels at the end of 2021, early 2022.”

“Additional virus relief measures will likely cost €10 billion.”

Scholz said on Tuesday that the economy is developing better than expected after the .

Market reaction

EUR/USD is holding its range around 1.1815 in early Europe, with the upside capped by broad US dollar rebound, as the risk sentiment soured on worries over the economic recovery.

The spot loses 0.15% on the day.