The Euro has started this week on a bearish footing, weakening against the US dollar early on Monday over rising concerns of economic growth slowing down even further in Europe on account of the coronavirus outbreak. At the time of writing, EUR/USD is trading around 1.083.

Late last week the euro slipped to the weakest level seen in 33 months against the US dollar and has improved slightly since then, but the outlook remains bearish on account of economic growth concerns. German GDP flatlined during Q4 2019, fueling worries about a recession in Eurozone’s largest economy.

While the Eurozone’s economy grew at 0.1% during Q4 2019, coming in line with expectations, industrial production weakened by 2.1% during December, pointing to more weakness in the Eurozone economy as well as currency. EUR/USD is also trading bearish on account of strengthening US dollar over recent strong economic data releases from the US even as the safe haven appeal of the greenback remains strong on account of the coronavirus outbreak.