Germany's Merkel: Can't say if there will be a result from EU summit today

German Chancellor Angela Merkel said on Sunday that she wasn't sure if they will be able to reach an agreement on the third day of EU budget and recovery negotiations.

"There is a lot of goodwill but also many positions. I will make every effort but it is possible that there is no result," Merkel said in Brussels.

Market reaction

If EU leaders fail to come up with a deal, the shared currency could start the new week under pressure. Last week, the EUR/USD pair gained more than 150 pips and registered its best weekly close since January 2019 at 1.1431.