European Central Bank (ECB) Governing Council member Boris Vujcic said on Monday that he thinks the Eurozone will be able to avoid a recession, as reported by Bloomberg.

Vujcic noted that he also expects inflation to slow gradually, adding that they are not discussing rate cuts and they probably will not do so before summer. 

Market reaction

These comments failed to help the Euro find demand during the European trading hours. At the time of press, the EUR/USD pair was virtually unchanged on the day at 1.0950.