German Economy Ministry: Q2 economic output to decline much more sharply than in Q1

The German economy ministry was out with some comments in the last hour and said that the economic recovery will be gradual through the second half of 2020.

Additional quotes:

• Easing of lockdown suggests we have passed economic trough.
• Expect Q2 economic output to decline much more sharply than in Q1.
• Recession likely bottomed out in April.
• Leading indicators do not point to a sustainable recovery in labour market.
• Exports likely to pick up from May but we expect a significant decline in German exports and imports in 2020 as a whole.

Meanwhile, the comments did little to influence the shared currency. In fact, the EUR/USD pair extended its sideways consolidative price action and remained confined in a range near mid-1.1200s.