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The budget proposed by the EU is not acceptable, Irish Prime Minister Leo Varadkar said and added that the position of the frugal four, Austria, Denmark, Netherlands and Sweden, has not changed. The group insists that the budget cannot go over 1% of the total economic output of the EU.

“Ireland can’t accept a cut in common agriculture policy funding,” Varadkar explained.

EUR/USD reaction

The EUR/USD pair continues to pull away from the session high that it set at 1.0820 during the European morning. As of writing, the pair was trading near 1.0800, still adding 0.15% on the day.