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Forex News

Coronavirus costs EUR1 billion per month to European tourism, Germany confirms 150 cases

The European Union (EU) industry chief Thierry Breton told BFM television on Monday, the coronavirus outbreak is costing the European tourism industry around EUR one billion euros revenue loss per month.

Breton said: “Chinese tourists are not coming to Europe since January. It means two million (hotel) nights lost. That is one billion euros per month since January.”

Earlier today, Handelsblatt reported Germany is mulling a way to loosen its rigid limits on spending and stimulate the economy amid coronavirus spread.

Meanwhile, the German Health Ministry confirmed 150 virus cases on Monday vs. 129 reported on Sunday.

EUR/USD reaction  

The shared currency runs through fresh offers on new coronavirus cases reported in Germany, sending EUR/USD back to 1.1065 region.

The spot posted a new four-week high at 1.1086 in the last hour.

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