Currencies: Euro gives back gains scored after Italy signals it will play by EU budget rules

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, -0.0866%EURUSD, -0.0866% 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.

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