Eurogroup fails to agree on a common text over coronavirus response, talks to resume Thursday

Dhwani Mehta FXStreet

According to Reuters, Eurogroup, a group of the European Union (EU) finance ministers, is expected to resume Thursday after the ministers fail to agree on a common text over the coronavirus response following the meeting that ran over 13 hours.

Eurogroup President Mario Centeno tweeted out: “After 16h of discussions we came close to a deal but we are not there yet. I suspended the #Eurogroup & continue tomorrow, thu.
My goal remains: A strong EU safety net against a fallout of #covid19 (to shield workers, firms &countries)& commit/ to a sizeable recovery plan.”

After the fallout, French Finance Minister Bruno Le Maire was quick to add: “all European countries must rise to meet the challenge of these exceptional times to reach an ambitious agreement.”

EUR/USD reaction

The shared currency is seeing some fresh supply on the above remarks, capping the EUR/USD recovery near 1.0885 region. The spot now trades at 1.0850, down 0.38% on a daily basis.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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