Euro Spikes After EU Leaders Agree "Vaguely Worded" Deal On Migrants

Just hours after Day 1 of the EU Summit ended in acrimony with Italian threats of veto and a cancelled press conference, AP reports that European Union leaders got a breakthrough deal on how to deal with migration after all-night talks to overcome Italian demands for more help.

Emmanuel Macron, French President:

"Just a word to say that after nine hours of talks and work, a deal has been reached and it is good news for France.

It is the fruit of combined work and it's European cooperation that won as opposed to a non-deal or a national decision that would have been neither efficient nor lasting."

The immediate reaction was a kneejerk higher in EURUSD...

Details are very sparse but European Council President Donald Tusk tweeted that the leaders have "agreed conclusions including migration"

EU diplomats said that the leaders finally found agreement on a vaguely worded concept centering on reception centers to deal with migrants and asylum seekers in EU nations which would volunteer to have them.

German Chancellor Angela Merkel had been under intense pressure to find a breakthrough to stave off a government crisis at home, and said after the deal was announced that "the EU will face migration presssure for along time" and confirmed that the EU Council "has agreed a coherent approach on immigration."

Quite frankly we are shocked and cannot wait to hear what Austria and Italy and Hungary got in return for acquiescence... or whether this 'deal' is really no deal at all.