The Minister of Finance expects the country’s economy to contract by 11% in 2020

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It is anticipated that French economy to contract by 11% in 2020said French Finance Minister Bruno Le Maire after preliminary third-quarter GDP rebounded 18.2% versus + 15.4% expected.

“We will have a fourth quarter economy that will be tough,” Le Maire added.

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The discouraging comments come after France reported 47,637 new confirmed coronavirus cases in the past 24 hours. The month-long national confinement begins this Friday.

EUR / USD remains below 1.1700

EUR / USD has faded from its recovery attempt near 1.1694, and is now trading modestly flat at 1.1678, as coronavirus fears continue unabated. The focus shifts to GDP data for Germany and the Eurozone.

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Credits: Forex Street

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