Following the recent conclusion of the EU parliamentary elections, focus shifts back to the Italian budget. Matteo Salvini, Italy’s deputy prime minister said that the economy could be hit with a fine of up to 3 billion euro for breaching the EU’s debt and deficit rules. Meanwhile, a number of top spots in the EU are expected to be filled shortly.
Euro Subdued Near a Two-Year Low
The ongoing tensions between the EU and Italy were seen weighing on the single currency. The euro gained 0.1% on the day but price remained close to a two-year low. The decline back below the 1.1182 handle puts the EURUSD into the sideways range. There is scope that further weakness could push the euro own to test 1.1140 level of support.
