FXStreet (Łódź) - ECB Governing Council member Ewald Nowotny said today that Eurozone recession had come to an end and that the economic situation in the area had improved significantly although problems remained to be solved.

Nowotny, who is also the head to the Austrian central bank, suggested that Austrian deficit could exceed 3% in 2014, but should then drop below 2% the following year. He stressed however that it was not structural deficit.

EUR/USD which fell to 1.3725 following the release of Eurozone CPI data, climbed back to 1.3778 following Nowotny's comments. EUR/GBP and EUR/JPY also strengthened.

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