Italy has until Tuesday to submit a revised budget draft to the EU.
Italy-German yield spread looks set to rise in the EUR-negative manner as Italy is unlikely to revise lower its expansive budget deficit target.
The EUR/USD is trading near 1.1325 after taking an early-Monday plunge into near-term lows as the broader market opens the new trading week with risk appetite notably skewed into the downside, and the 1.1300 major handle is going to be a key point of contention heading through the week.