EU's Michel: Possible to find an agreement on the EU recovery fund

The European Council president, Charles Michel, was out with some comments in the last hour and showed confidence that an agreement on the EU coronavirus recovery fund is possible with the political will.

Separately, the French Prime Minister (PM) Emmanuel Macron was also confident but cautious on reaching a deal.

Meanwhile, Greek PM Kyriakos Mitsotakis said that compromises will be necessary and that there was absolutely no reason why the deal shouldn’t get done Get Deal Done.

Conversely, Dutch Prime Minister Mark Rutte said that there are less than 50% chances of a deal at this week's EU summit.

Nevertheless, the incoming remarks continued fueling hopes that the European leaders will make progress in agreeing on the proposed €750 billion coronavirus recovery fund. The package is aimed at aiding the region’s worst-hit economies. This, in turn, provided a modest lift to the shared currency and lifted the EUR/USD pair back closer to the 1.1400 mark.