Bundesbank: No need for German fiscal stimulus right now

According to the latest headlines crossing the newswires, the German central bank (Bundesbank) sees no need for fiscal stimulus by the government right now, per Reuters.

With the initial market reaction, major European equity indexes fell sharply with Germany's DAX and the Euro Stoxx both erasing as much as 0.7%.

Additionally, the shared currency came under renewed bearish pressure in the last hour. As of writing, the EUR/USD pair, which touched a daily high of 1.1113 earlier in the day, was trading at 1.1077, losing 0.05% on a daily basis.