EU's Dombrovskis: Italy is openly defying EU budget rules

The European Commission vice president Valdis Dombrovkis was out with some comments in the last hour, via Il Sole, saying that Italy is openly defying EU budget rules.

This comes ahead of the Commission's official response to Italy's revised budget on November 21 and clearly indicates a further escalation of the Italy-EU standoff. 

Italian budgetary concerns should keep a lid on the EUR/USD pair's ongoing steady recovery move from YTD lows set at the beginning of this week.