E.U. reaches Migration Deal

By 4:30 am Brussels time, member states wrapped up an agreement on measures that would set up holding centers to handle asylum seekers speed up the process of determining whether people have the right to asylum and expelling those who don’t.  They also agreed on increasing border security. The euro jumped as the deal showed unity within the bloc, which had been seeing a rift lately, especially caused by Italy, which was making strong demands. The E.U. Summit contuse into a second day today. Meanwhile, Eurozone CPI data will be eyed later. It remains to be seen how long the euro’s short covering bounce will last. The EURUSD is currently trading above $1.16.

The British pound will be in focus today as key data will be released. The final estimate of Q1 GDP is expected to show the UK economy grew 0.1% over the months of January to March, the same as the previous estimate. The annualized reading is also expected to remain steady at 1.2% in Q1. GBPUSD is currently trading above the key $1.31 level and today’s data could determine whether this level can hold.