- European session review: EUR strengthens supported by European Commission's recovery fund proposal
Market news
European session review: EUR strengthens supported by European Commission's recovery fund proposal
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:30 | Eurozone | ECB President Lagarde Speaks | ||||
| 08:00 | Switzerland | Credit Suisse ZEW Survey (Expectations) | May | 12.7 | 31.3 |
EUR rose against most other major currencies in the European session on Wednesday supported by reports that European Commission (EC) proposed a EUR1.1 trillion budget for 2021-27 that would come together with EUR750 billion recovery fund (incl. EUR500 billion in grants and EUR250 billion in loans) to help the member states' economies recover from the coronavirus pandemic. The budget could include revenues from ETS trading scheme, carbon levy on imports and corporate tax and may include funding from a digital tax.
The size of the EC's proposal is bigger than the proposal, which was made by France and Germany last week for a EUR500-billion recovery fund.
At the moment, the EC's president Von Der Leyen is unveiling recovery proposal in EU Parliament.
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