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The European Central Bank’s (ECB) Governing Council debated on Thursday an expansion of €500-€750 billion to the Pandemic Emergency Purchase Programme (PEPP), Reuters reported, citing three sources.

“Policymakers from a number of countries including France, Germany and the Netherlands argued for a smaller increase in line with market expectations for half a trillion euros,” the sources told Reuters. Moreover, some policymakers reportedly expressed worries about a possible deviation from the capital key now that the PEPP is set to run for longer.

Market reaction

The EUR/USD pair retreated slightly from the multi-month highs it set at 1.1362 and was last seen gaining 0.75% on the day at 1.1320.