Germany's Merkel: Government will provide high level of liquidity to companies

Germany's economy and finance ministers will propose measures to provide high liquidity to companies, German Chancellor Merkel said on Monday.

Furthermore, "the government will not allow the virus to infect the German economy," Economy Minister Peter Altmaier added and announced that the coronavirus impact will be discussed at the EU summit on March 26th.

EUR/USD reaction

The EUR/USD pair pulled away from session highs in the last minutes and was last seen trading at 1.1420, up 1.2% on a daily basis. However, the modest rebound witnessed in the US Dollar Index seems to be behind that pullback rather than these comments.