The European Central Bank (ECB) will discuss the reinvestment of the Pandemic Emergency Purchase Programme (PEPP) bonds at the emergency meeting on Wednesday, Bloomberg reported, citing sources familiar with the matter.

The ECB is reportedly looking to tilt pandemic bond reinvestment to aid weaker countries.

Market reaction

With the initial reaction to this headline, the EUR/USD pair pulled away from the daily high it set at 1.0494 earlier in the session. As of writing, the pair was still up 0.5% on the day at 1.0467.