The euro climbed against other currencies Wednesday on reports Italy may yield ground over a budget stalemate with the European Union. The common currency EURUSD, +0.2078% EURUSD, +0.2078% rose to $1.1584 from $1.1549, making headway during the Asian trading session after a report in Italian daily newspaper Corriere della Sera that the government’s budget deficit target will be set at 2.4% of GDP in 2019, but decline to 2.2% in 2020 and 2.0% in 2021. “We expect further gains as the European session begins,” said Jasper Lawler, Head of Research at London Capital Group, in a note to clients. Italian officials had previously clashed with Brussels over the budget deficit target, which had stoked fears of another crisis in the region and put pressure on Italian stocks and bonds.
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