Italy asks EU to raise budget deficit by 0.35 percentage points of GDP to tackle coronavirus

Italy has asked the EU for permission to raise its budget deficit target by 0.35 percentage points of its GDP to tackle coronavirus, Reuters reported on Thursday, citing a government source familiar with the matter.

Meanwhile, Italian Prime Minister Conte said that they have set aside 7.5 billion euros to help the economy in face of coronavirus. "March 29 referendum on cut in the number of lawmakers will be delayed, with no new date set," Conte added.

EUR/USD reaction

The EUR/USD pair edged lower in the last minutes and was last seen trading at 1.1175, still up 0.35% on a daily basis.