Italy’s PM Conte: Budget shortfall to widen further amid coronavirus pandemic

Italy’s budget deficit is likely to widen further, as the country seeks to stimulate the economy amid the looming coronavirus risks, Prime Minister (PM) Giuseppe Conte said on Sunday.

Key quotes

“A further increase in the budget deficit is likely.”

“The government was working instead to reduce the gap between a worker’s gross and net salary, commonly known as the “tax wedge”.”

“A single ultra-fast broadband network, a push towards digital payments and the transition to renewable energy sources would be the planks of the September plan.”

EUR/USD depressed below 1.1200

EUR/USD lacks a clear directional bias and remains near two-week lows of 1.1168, as the risk-off sentiment boost the haven demand for the greenback. The spot was last seen trading at 1.1175, almost unchanged on the day.