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New EU economy commissioner Moscovici assures no preferential treatment for France

FXStreet (Łódź) - European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Thursday at his confirmation hearing that EU budgetary rules apply to all Member States in the same extent and that he wouldn't be biased in favor of France in his new position.

"Any country, large or small, if it does not take effective action as required, I will follow the necessary procedures," the former French finance minister assured. Earlier this week it was made known that France will be unable to reach the EU
Moscovici suggested that France needed more time to fix its economy and that the lack of growth prevents it from cutting deficit effectively.

On Wednesday current French finance minister Michel Sapin revealed that the country's deficit was expected to drop below the 3% threshold set by the EU only in 2017. Earlier France pledged to meet the objective in 2015.

In the global FX markets today’s ECB meeting will take centre stage. We expect the asset-backed securities (ABS) and covered bond purchase programmes to be in focus at this meeting, while the Q&A se

In the view of Flemming Nielsen, Senior Analyst at Danske Bank, the prospects for additional easing by the ECB will keep EUR-bulls at bay for the time being....
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EUR/GBP sandwiched in a range below 0.7800

EUR/GBP is oscillating between 0.7800 resistance on the upside and 0.7790 on the downside ahead of the key risk event of the week.
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