Italy cuts 2020 GDP growth forecast to 0.6% from April target of 0.8%

Citing a draft government document, Reuters reported that Italy will cut the gross domestic product (GDP) growth forecast for 2020 to 0.6% from April's forecast of 0.8%. Furthermore, the GDP is now expected to expand by 0.1% compared to 0.2% in the previous estimate.

"Italy targets debt-to-GDP ratio at 135.7% in 2019, after 134.8% in 2018," Reuters further wrote.

These headlines failed to trigger a meaningful reaction in the shared currency and the EUR/USD pair was last seen trading at 1.0900, losing 0.35% on a daily basis.