In its latest forecasts published on Thursday, the European Commission said that it expects inflation in the eurozone to be 2.4% in 2021, 2.2% in 2022 and 1.4% in 2023, as reported by Reuters.

Additional takeaways

"EU Commission raises eurozone GDP growth forecast for 2021 to 5.0% from 4.3%, expects 4.3% growth in 2022, 2.4% in 2023."

"EU Commission forecasts eurozone aggregate budget deficit at 7.1% of GDP in 2021, 3.9% in 2022, 2.4% in 2023."

"EU Commission forecasts eurozone aggregate public debt at 100% of GDP in 2021, 97.9% in 2022, 97.0% in 2023."

Market reaction

The EUR/USD pair showed no immediate reaction to this report and was last seen losing 0.1% on a daily basis at 1.1468.