Member States of the European Union Unable to Reach a Deal on the EU Recovery Fund

Member States of the European Union Unable to Reach a Deal on the EU Recovery Fund

EU members have prolonged talks over the weekend, aiming to find consensus on a recovery fund for coronavirus. Council President Charles Michel proposed on Saturday a €50-billion transfer of financing from grants to loans to break the impasse.

However, the remarks by German Chancellor Merkel and Greek Prime Minister Kyriakos Mitsotakis on Sunday suggested that they had not made much progress towards a deal.

The euro currency soared against its U.S. counterpart, but the pound fell in the absence of progress in the Brexit talks and rumors that the Bank of England would pick negative rates because policymakers did not want to extend QE.

Over the weekend, financial officials from the G20 vowed to continue using “all available policy tools” to counter the coronavirus pandemic and boost the global economy, adding that the outlook remains inherently unpredictable.
Market Expectations for the New Week
The US dollar stays weak in the face of concerns about increasing coronavirus incidence in the United States. Notwithstanding the government’s reluctance to return to the stringent restrictions, worries about the economy’s long-term effects as unemployment kept rising, although consumer confidence slowed down once more in July.

US Treasury Secretary Mnuchin said Friday that all the “small” loans issued by the Paycheck Protection Program  during the coronavirus pandemic would be weighed by the federal government, although he did not specify what he considered to be “small.”

The Commodities stayed in a mode of consolidation. WTI had settled a couple of cents over $40.00 near its peak in June. Gold ended the week with moderate earnings of approximately $1,810 a troy ounce.

The spike in the number of instances of coronavirus in the US, alongside new outbreaks in Asia and Europe, expressed doubts about a significant economic turnaround.

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