PM Sebastien Lecornu has renounced the use of Article 49.3 of the French Constitution in an effort to avoid an early censure motion and get a debate underway in the National Assembly on his 2026 draft budget law (PLF). Lecornu claims that "Since the government can no longer be in a position to interrupt the debates, there is therefore no longer any excuse for these debates not to start next week."
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Of note:
EURUSD 2bn at 1.1680/1.1700 (a little far).
EURUSD 2.11bn at 1.1600 (thu).
EURUSD 2.05bn at 1.1600 (fri).
AUDUSD 1.08bn at 0.6500 (fri).
UniCredit write “investor demand for EU bonds has proven healthy so far this year but does not seem to have been sufficient to convince markets to ask for their inclusion in sovereign bond indices. Investors remain concerned that issuance activity by the EU will drop after the NGEU program is phased out after next year”.