Citing two sources familiar with the matter, Reuters reports that the Italian government is planning to pass an additional EUR20 billion in economic stimulus in July.
Italy has already approved a EUR75 billion stimulus package to combat the economic fallout of the coronavirus pandemic.
The additional stimulus could likely push the budget deficit higher to 11.6% of GDP vs. the target of 10.4%.
The uptick in EUR/USD faded just shy of the 1.1250 level, as the price now reverts to the familiar trading around 1.1220, down 0.08% on the day. Focus on US macro news and FOMC minutes.
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