Bank of Spain: Coronavirus impact on jobs most likely to be very significant in short term

The coronavirus outbreak and the mitigating measures have caused severe disruptions in the economy, the Bank of Spain said on Wednesday, per Reuters.

Additional takeaways

"High level of uncertainty makes any forward economic projections difficult."

"Coronavirus outbreak has caused a pronounced impact on Spanish household consumer spending."

"Impact on jobs will most likely be very significant in the short term."

"A reverse in lay-offs is expected if the coronavirus shock is temporary."

Market reaction

The EUR/USD pair largely ignored these remarks and was last seen trading at 1.0815, adding 0.25% on a daily basis.