Sources: Germany wants to cap next EU budget at 1% of GDP – Reuters

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Reuters quotes German diplomatic sources as saying that Germany wants to limit the bloc’s next budget for 2021-27 at 1% of the bloc’s economic output, below the 1.11% proposed by the executive European Commission.

Sources added that the biggest net contributor to the bloc’s joint coffers – would present the proposal to fellow ministers on Monday.

EU states’ ministers will meet in Brussels on Monday to discuss the budget issue.

EUR/USD is slightly off the lows, currently trading around 1.1065 amid lack of fresh catalysts and ahead of the Fed decision.

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