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Amid an unabated rise in the number of new coronavirus cases and deaths, the Spanish government finally announced a massive economic stimulus package to cushion the economic shock.

Key details

Suspension of mortgage payments for workers affected by outbreak.

Announces 600M euros for elderly and vulnerable people.

Will allocate as much as 200 million euros to fight virus.

To block takeovers of foreign companies whose value has fallen.

Approves 100 billion euros in state-backed credit guarantees.

Announces unlimited liquidity for companies.

EUR/USD reaction

Fresh buyers emerged near 1.0950 region on the above announcement, prompting a tepid recovery in EUR/USD from a three-week low to now trade near 1.0980 levels. The spot is losing 1.85% on the day.