Germany's IFO: Coronavirus crisis to cost economy between EUR255-729 bln in 2020


Germany's influential IFO institute said in a report on Monday, the coronavirus crisis could cost the economy between EUR 255 bln and 729 bln this year, depending on the scenario.

Meanwhile, the Robert Koch Institute (RKI) said on Monday, the number of confirmed cases of coronavirus rises to 22,672. The coronavirus fatalities increased to 86.

EUR/USD reaction

Amid rising Euro area and global economic growth concerns, in the face of the corona crisis, the shared currency is seen taking a fresh knockdown, as EUR/USD reverses its recovery rally to 1.0768.

At the time of writing, the spot trades at 1.0707, still up 0.12% on the day.

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