French Finance Minister Bruno Le Maire said on Monday that consumers will need to absorb a "small part" of surging energy costs, as the government can't bear all of the increase.

He said that “France's public deficit target of 5% will be met next year despite increased spending to protect households from rising inflation.”

Market reaction

At the time of writing, EUR/USD is advancing 0.72% on the day to trade at 1.0111, as the US dollar extends its correction in the European morning.