Germany's Merkel: Can't say if we are going to reach agreement on EU recovery fund

Eren Sengezer FXStreet

Germany and Italy agree on the basic structure of the EU-proposed recovery fund, German Chancellor Angela Merkel said on Monday, as reported by Reuters.

However, Merkel further added that she can't say if they are going to be able to reach an agreement on the EU budget and the recovery fund at the summit.

Meanwhile, Italian Prime Minister (PM) Giuseppe Conte noted that he was expecting negotiations on the EU package to be very difficult.

Market reaction

The EUR/USD pair retreated slightly from the daily high it set at 1.1271 after these remarks. As of writing, the pair was still up 0.55% on the day at 1.1360.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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