Delivering her State of the Union speech on Wednesday, Ursula von der Leyen, President of the European Commission, said, “this is definitely not the time to withdraw the fiscal support to the economy.”

Additional comments

“We must use this opportunity to make structural reforms in our economies and complete the capital markets union and the banking union.”

“Will put forward a legal proposal to set up a framework for minimum wages.”

“Commission proposes target to cut greenhouse gas emissions by “at least” 55% by 2030, upgrading current 40% target.”

Market reaction

EUR/USD is mainly benefiting from broad US dollar softness, now trading around 1.1860, up 0.09% on the day.