Recession is not part of baseline

While speaking before the European Parliament’s Committee on Economic and Monetary Affairs on Monday, European Central Bank (ECB) President Christine Lagarde said that a recession was not a part of the baseline scenario.

Lagarde added that the ECB was not talking about rate cuts and noted that the European labor market was finally adjusting.

Market reaction

The Euro stays under persistent selling pressure in the second half of the day on Monday. As of writing, the EUR/USD pair was trading at its lowest level since March at 1.0580, losing 0.7% on a daily basis.

Source: https://www.fxstreet.com/news/lagarde-speech-recession-is-not-part-of-baseline-202309251458