French FinMin Le Maire: Hope a deal on the EU 750 billion euro plan can be reached in coming weeks
|French Finance Minister Bruno Le Maire said on Thursday, he hopes a deal on the European Union (EU) 750 billion euro plan can be reached in the coming weeks.
French economy likely to shrink by more than 8% this year, he added.
His comments come after Reuters saw the official European Commission document on Wednesday, citing that the European recovery plan and the next long-term budget will use €1.85 trillion to kick-start the EU economy.
Meanwhile, on French growth forecasts, the national statistics institute INSEE reported Wednesday that France's economy is likely to contract by 20% in the second quarter (Q2) this year.
Market reaction
EUR/USD is defending minor bids around 1.1015, having hit fresh eight-week highs at 1.1035 in early Asia. The euro remains underpinned by hopes of the joint fiscal response to stimulate the Euro area recovery process.
Meanwhile, the US dollar remains broadly depressed amid the upbeat market mood while Hong Kong woes continue to persist.
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