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There is no agreement yet between EU countries on proportion of grants vs loans in new coronavirus economic recovery fund, a senior EU official said on Friday, per Reuters.

Additional takeaways

“Some northern EU countries still against grants, any grants would also have to be repaid in the future.”

“Aiming to lift to 2%/GNI EU budget headroom so the Commission can raise market funds to finance coronavirus recovery.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen posting small daily gains at 1.0815.