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Italy is planning to hike its 2020 budget deficit target to 2.4% of its GDP from 2.2% to provide the economy with the funds it needs to battle the impact of coronavirus outbreak, Reuters reported on Monday, citing senior officials familiar with the matter.

The target rate could be reviewed again in April when the cabinet finalizes its main annual forecasting document, sources told Reuters.

Market reaction

This headline had no impact on the shared currency’s performance. As of writing, the EUR/USD pair was up 0.9% on the day at 1.1125.