EU’s Michel: A lot of work is needed for recovery fund deal
|Speaking in the European Union (EU) parliament on Wednesday, European Council President Charles Michel said that there is still a lot of work to be done before the EU reaches a multi-billion-euro recovery fund.
Key quotes
“I can assure you I am doing all I can to secure an agreement.”
“We need to find a workable solution quickly. My impression, after a round of consultations over the last few days, is that we haven’t yet finished our negotiations and we still have a lot of work to do. I think that we can conclude that some member states want to cooperate more than others.”
Market reaction
The EUR bulls shrug off the above remarks, as broad-based US dollar selling underpins EUR/USD. The spot adds 0.45% on the day, to trade now at 1.1320 . The negative sentiment creeping back into the US markets is helping the US dollar to recover ground broadly.
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