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Reuters cites an Italian government source, as saying that the government is said to be discussing reducing the budget deficit to 2.0% – 2.1%.

Currently, the budget deficit goal is set at 2.4%, which is in violation of the EU rules.

Last hour, the government source reported that the government will meet Monday evening to discuss the budget goal reduction.

Meanwhile, the EUR/USD pair is testing into daily tops at 1.1365, as the Italian yields drop on easing Italian budget worries.