Bloomberg just reported that the Italian government is set to propose a 2% budget deficit target to the European Union. This marks a major concession from the 2.4% target outlined in the first budget proposal. The information comes from the unnamed Italian Treasury official. If it turns out to be true the Brussels-Rome clash may end today. Italy will present new budget numbers to the European Commission President Jean-Claude Juncker on Wednesday evening. EURUSD rallied to new session high on the report while Italian yields pulled back beneath 3% for the first time since September.
EURUSD surged to new session high at 1.1364 on the report that Italy may propose a budget with deficit target of 2%. However, the main currency pair quickly erased most of the gains. Source: xStation5
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