Citing sources with the knowledge of the matter, Politico reports that the European Council President Charles Michel is expected to present the long-term European Union (EU) budget negotiating box to governments ‘in the second half of next week’.
On Monday, German Chancellor Angela Merkel said that she hoped the EU member states will overcome their differences on a multi-year budget of more than EUR1 trillion ($1.12 trillion) as well as a recovery fund at a summit of leaders later this month.
Market reaction
EUR/USD trades better bid above 1.1250, benefiting from broad US dollar weakness amid pre-NFP caution trading.
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