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Testifying before the European Parliament, the European Union (EU) Economic Commissioner Designate Gentiloni said that he will seek to make full use of the flexibility allowed in the EU fiscal rules.

Additional Quotes:

Tackling tax fraud, evasion and avoidance will remain a priority.

Will seek deal on sanctions against countries listed as tax havens.

The above comments had little to no impact on the EUR markets, as EUR/USD extends its downside consolidation phase near two-year troughs of 1.0905 ahead of the US macro releases.