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According to a document read by Reuters, the European Commission is if the opinion that Eurozone needs pre-emptive fiscal stimulus.

The EU Commission also said that more monetary easing would be less effective than fiscal stimulus.

This echoes the ECB President Draghi’s latest calls for increased fiscal reforms in an effort to boost the Euro area economic growth.  

EUR/USD is seen testing daily highs near 1.10 handle amid risk-off trades in the US stocks and broad USD weakness.