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EUR rises Against Major Currencies as Financial Stakes Rise in EUR Currencies

2018-12-04 08:12 am | Resource: News | No Views : 38

 The euro rose against major currencies during morning trade as the euro recorded gains against major currencies except the yen, which rose as risk appetite eased

The euro group expects a deficit of 0.8% in 2019

The EU deficit is expected to fall from 1% of GDP in 2017 to 0.6% in 2018, the Eurogroup said, while in 2019 it will increase to 0.8%. According to the statement, the eurozone member's deficit is not expected to exceed 3% in 2019 for the first time since the introduction of the single currency. Total debt is expected to fall from 89% of GDP last year to 87% this year and 85% in 2019.

Eurozone finance ministers concluded that "the strength of domestic drivers" should support growth and reduce unemployment, despite slowing world growth and increasing risks. Another source of concern is the low level of debt in some member states "along with the risk of sustainability in the medium term." The Eurogroup described Italy as a member of a "serious non-compliance" with the recommendations of the European Commission and urged Rome to take action to address the situation.

EU and Italy disagree on deficit target 2%

While Italian Prime Minister Giuseppe Conte was expected to summarize a budget change to the European Commission on Tuesday, a statement from the "Aven-avre" newspaper said, El Misaguerro wrote that he knew the administration in Brussels would not accept even a failed goal . 2%. This level has recently been raised in the media as Rome's fiscal policymakers struggled to back down on spending plans to cool the EU and the eurozone.

This measure is currently 2.4% next year. The ruling parties have insisted that they will make promises to voters and, more importantly, to ease pension reform and introduce comprehensive income. The House of Representatives is scheduled to begin discussing the budget tomorrow, according to information provided by the Italian news agency. Forecasts at La Stampa suggest spending will need a 12 billion euro reduction.

The Euro traded during the morning session
  • The euro rose against the dollar at 10:00 a.m. CET and the EUR_USD traded at 1.12803
  • The euro rose against the pound at the same time by 0.24% and the pair is trading at 0.8935
  • Against the Swiss Franc, the Euro was up 0.06% with EUR / CHF trading at 1.1334
  • The euro was lower against the yen as the euro traded at 128.70 at 10:03 am

Other analysis

USD/JPY Technical analysis 14 December 2018

Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20 Then start to bounce back again. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test…

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