The euro rose and Italian bond yields rallied Wednesday, on a report the European Union plans to announce a stimulus package worth as much as €750 billion ($823 billion). Citing an official with knowledge of the plan, Bloomberg reported that the package would be split between €500 billion loans and €250 billion grants, funded by borrowing on financial markets. The plan is due to be announced by European Commission President Ursula von der Leyen later, and will be a key part of the EU's effort to lift the region out of a pandemic led recession. The deal could be seen as a compromise given the so-called Frugal Four -- Austria, Sweden, Denmark and the Netherlands -- have been opposed to a recovery fund that isn't based on loans. The yield on the 10-year Italian bond fell 5 basis points to 1.504%. The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0178% jumped 0.4% to $1.1024. Yields fall as bond prices rise.