Investing.com – The U.S. dollar and the Japanese yen fell on Wednesday on reports that the Italy government is aiming to cut its budget deficit to 2% of GDP in 2021. The government forecasted a deficit of 2.4% in 2019 and 2.2% in 2020.
The country’s debt-to-GDP ratio currently stands at 131%, and the government is hoping to trim the ratio to 127% by 2021, according to reports.
The Euro gained 0.3% against the dollar following the news.
The U.S. dollar index, which tracks the greenback against a basket of six major currencies, was trading at 94.98 by 12:30AM ET (04:30 GMT), down 0.2%.
The Japanese yen on the other hand also slid as the USD/JPY pair inched up 0.01% to 113.68.