While presenting the financial stability report on Monday, European Central Bank (ECB) policymaker and Slovak central bank President Peter Kazimir said that the “risk of recession in the Eurozone is growing.”

“Rise in interest rates to continue despite unfavorable economic developments,” he added.

Market reaction

The staggering recovery in EUR/USD remains unfazed by these above comments, trading at 1.0440, up 0.45% on the day.