German Chancellor Merkel: Can't say if we will find a compromise this time

German Chancellor Angela Merkel was not overly optimistic ahead of the EU summit and said that the negotiations are going to be very tough as the differences on the coronavirus recovery fund are very big.

Additional quotes:

• Cannot say if we will find a compromise this time.
• Germany and France will work together to support the commission's proposal.
• Going into talks with a lot of impetus.

The remarks held the euro bulls from placing any aggressive bets and might keep a lid on any runaway rally for the EUR/USD pair, at least for the time being.