Euro hovers near four-month peak as market looks to EU summit
FILE PHOTO: Rolled Euro banknotes are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
That would be a historic step towards greater fiscal integration for the union, but a group of “frugal” wealthy north European states were pushing for a smaller fund and seeking to limit how payouts are split between grants and repayable loans. As European Council President Charles Michel urged leaders to achieve “mission impossible”, diplomats said it was possible that they would abandon the summit and try again for an agreement next month.
“I don’t know what to expect from the summit. But even if there is no agreement, the impact will be limited given the euro appears to have a fairly strong momentum these days,” said Yukio Ishizuki, senior strategist at Daiwa Securities. A battle in the U.S. Congress over a new coronavirus-aid bill began late last week as Republicans and Democrats pushed for their own agenda.
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