ECB's Knot: There's still significant upside risk from pent-up demand

"The ground for the euro area recovery is getting firmer and firmer,"  European Central Bank (ECB) governing council member Klaas Knot said on Tuesday, as reported by Reuters.

Additional takeaways

"The ground for euro area recovery is getting firmer and firmer."

"High-frequency data shows service sector is catching up."

"Downside risks will gradually fade."

"The outlook is quite bright."

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was up 0.3% on the day at 1.2165.