In the annual government economic report published on Wednesday, the German economy minister said that they do not see signs of a market recession as feared by many observers, as reported by Reuters.

The publication revealed that the Gross Domestic Product is forecast to expand by 0.2% in 2023 and inflation is expected to be 6% in 2023, compared to 7% in the autumn forecast.

Market reaction

EUR/USD showed no immediate reaction to these numbers and the pair was last seen trading at 1.0870, where it was down 0.12% on a daily basis.