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Coronavirus outbreak will have an impact on the European Union (EU) economy, said Janez Lenarčič, European Commissioner for Crisis Management while making a statement on the EU’s response, preparedness and financial support to fight the COVID-19 outbreak.

Additional comments

EU to mobilize over EUR230mln to help the global fight against coronavirus.

EU measures on coronavirus outbreak should be proportionate and coordinated.

Meanwhile, the bloc’s Health Commissioner Stella Kyriakides said that “for the moment WHO has not advised imposing restrictions on either travel or trade,” adding, “possible travel restrictions in the Schengen border-free area should be proportionate and coordinated among EU states.”

This comes as the bloc faces a coronavirus outbreak in Italy, with fourth death reported.

EUR/USD off the highs

Amid growing contagion fears, the upside attempts in the EUR/USD pair remains limited below 1.0850. At the time of writing, the spot trades near 1.0825, having faded an uptick to 1.0843 fresh highs following upbeat German IFO Business Survey.