Search ForexCrunch

The next EU budget proposed by the European Commission will be worth €1.1 trillion and will include the coronavirus recovery fund, Reuters reported on Wednesday, citing sources familiar with the matter.

Sources further told Reuters that the EU Commission will propose that Italy receives €82 billion in grants and €91 billion in loans under the recovery plan. Additionally, Spain will get €77 billion in grants and €63 billion in loans.

Market reaction

The EUR/USD pair stretched higher on this headline and was last seen gaining 0.32% on a daily basis at 1.1015.