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Commenting on the European Commission’s proposed recovery plan, German Finance Minister Olaf Scholz said that the proposals build on what France and Germany proposed.

“This joint initiative succeeded,” Scholz added, as reported by Reuters. “It’s very likely that we will get an agreement on programme.”

Earlier in the day, the European Commission announced that the European recovery plan and the next long-term budget will use €1.85 trillion to kick-start the EU economy.

Market reaction

The EUR/USD pair, which advanced to its highest level since early April at 1.1030 on Wednesday, was last seen trading at 1.1002, gaining 0.2% on a daily basis.