By Michael S. Derby

(Reuters) -The average wage U.S. employers were willing to offer new workers surged to record levels in November, a report from the New York Federal Reserve showed on Monday.

The average full-time annual wage offer moved to $79,160 in November from $69,475 in July, the regional Fed bank said in its Survey of Consumer Expectations Labor Market Survey. The wage in November was the highest ever in a survey that dates back to 2014 and likely reflects ongoing labor market tightness, with firms being forced to come up with higher levels of cash to secure employees.

Workers in the survey also trimmed their so-called reservation wage, which is the minimum pay level someone will take for a new job. That dropped to $73,391 as of last month, from $78,645 in July.

The report also showed that churn in the job market may be set to increase. Some 23.1% of respondents said they'd searched for a new job in the last month, compared to 19.4% who said the same thing in July. Meanwhile, the expected likelihood of moving to a new job rose to 12.3% in November, from 10.6% in July. The report also found a record 3.5% of respondents said it was likely they would move out of the labor force, which was the highest reading ever for the survey.

Market participants and central bankers are all scanning the labor sector for signs of weakness in the wake of an aggressive string of Fed rate hikes since the U.S. central bank kicked off its tightening cycle in March 2022.

The Fed has strongly signaled it is likely done pushing up short-term borrowing costs in its bid to lower inflation, and central bank officials are now actively weighing whether ebbing price pressures will allow them to lower the policy rate next year.

Some of the confidence that inflation will continue to retreat is tied to the view that labor market conditions are becoming more balanced. That could reduce upward wage pressures and, in turn, help guide overall inflation back to the Fed's 2% target. But it remains a process that is still playing out.

"Labor demand still exceeds the supply of available workers" although the balance between those who are hiring and those who are looking for work is continuing to equal back out, Fed Chair Jerome Powell said in a press conference last week after the end of the central bank's final policy meeting of the year.

(Reuters) -New York-listed e-commerce giant Coupang plans to buy Farfetch (NYSE:FTCH) Holdings in a deal that will provide the struggling online luxury fashion retailer with $500 million in capital to stay in operation, the companies said in a joint statement.

Trading in shares of Farfetch, which has a market capitalization of $226.7 million, were halted, while those of Coupang were down 4.5% on Monday.

Farfetch, an e-commerce company that has helped luxury brands sell online, has been hit by a slowdown in the industry which has complicated its efforts to make a profit on technology investments and prompted credit rating downgrades in recent weeks.

Farfetch operates an online luxury marketplace selling high-end fashion and jewelry that dozens of small brands and boutiques rely on as their main selling platform. It also provides back-end technology for ecommerce for department stores and brands like Harrods and Ferragamo.

Coupang, which operates food delivery, video streaming and payment services in markets including South Korea, Taiwan, Singapore, China and India, struck the deal with an investor group that held over 80% of Farfetch's outstanding $600 million term loans.

The e-commerce giant said it would combine its logistics expertise with Farfetch’s experience selling high-end brands to expand in South Korea, a fast-growing luxury goods market.

Investment firm Greenoaks is investing alongside Coupang.

Last month, the Telegraph newspaper reported that Farfetch founder and CEO Jose Neves was in talks to take the company private.

JPMorgan advised Farfetch on the deal.

In a separate statement, Cartier-owner Richemont said that a previous deal to sell its online ecommerce activity Yoox Net-a-Porter (BIT:YNAP) to Farfetch had been scrapped and that it would consider alternative options for powering e-commerce of its brands - noting they continue to operate with their own technology.

Richemont added it did not expect to be repaid a $300 million loan to Farfetch issued in November 2020.

(Reuters) -World markets head into year-end on a "buy everything" high, with the Federal Reserve signalling it will switch to rate cuts in 2024, propelling stocks and gold higher.

Meanwhile, the Bank of Japan could finally hint at an end to its ultra-loose monetary policy. The road into 2024 for investors could be bumpy.

Here's your week ahead in markets from Lewis Krauskopf in New York, Kevin Buckland in Tokyo, Naomi Rovnick, Marc Jones and Amanda Cooper in London.

1/ROLE REVERSAL   

    Speculation is rife the Bank of Japan (BOJ) may soon exit negative interest rates, again making it a global outlier as the focus at the Fed and others turns to when to cut rates.

    A change likely won't come as soon as the policy decision on Tuesday, but the BOJ meets again in January, and next week could be used to prepare the way for tightening.

    That expected pivot, plus the Fed's dovish tilt, has pushed the yen back to the stronger side of 141 per dollar for the first time since July.

    A political scandal over suspected kickbacks could ironically provide a tailwind to ending easing, as Prime Minister Fumio Kishida clears his cabinet of pro-stimulus elements.

    A reversal of politically unpopular yen weakness may help his sagging approval ratings, but the speed of yen strength could also be damaging. The Nikkei has lagged most other major stock indices this month.

2INFLATION WANING?

    Investors hope a key U.S. inflation gauge will show easing consumer price pressures, after the Fed signalled its campaign of interest rate hikes is ending and cuts may arrive next year.

    The Dec. 22 release of November's personal consumption expenditures (PCE) price index, which the Fed tracks, will be one of the last key pieces of data this year. Fed Chair Jerome Powell has said the historic tightening of monetary policy is likely over and discussion of rate cuts is coming "into view".

    Data on consumer confidence, as investors seek to gauge how much higher interest rates may be weighing on spending, is also due out. Whether the Fed has been able to engineer a soft landing for the U.S. economy is a key market theme as the calendar flips to 2024.

3/ GOLD STAR

Gold is heading for its first annual increase since 2020, fuelled by a weaker dollar and by the view that interest rates and inflation are going one way and fast in 2024.

Gold, which bears no interest, tends to perform better in an environment of falling real rates, those adjusted for inflation.

Real U.S. 10-year yields have been rising non-stop since early 2022, but only turned positive in June, knocking gold back from a near-record. They are now at their highest in eight years, but this has been no barrier to gold vaulting above $2,000 an ounce. And yet the price is still some 20% below its inflation-adjusted all-time high above $2,500 in 1980.

Investors are banking on a flurry of rate cuts next year, while political and economic uncertainty are on the rise - potentially heralding a sweet spot for gold investors.

4/ INFLATION NATION

UK inflation is running at more than double the Bank of England's (BoE) 2% target. Latest data on Dec. 20 may confirm UK price pressures remain elevated compared to other major economies.

The pound hit a three-month high against the euro this month after euro zone inflation dropped sharply, fuelling speculation the BoE will take longer to cut rates than the European Central Bank.

But high rates could also tip the UK economy, which the BoE expects to flat-line in 2024, into recession, meaning sterling strength is not a one-way bet. The pound's fate rests on whether the BoE keeps reacting to current inflation trends, or takes the longer-term view that economic weakness will dampen wages and prices.

5/DOWN THE NILE

Egyptian President Abdel Fattah al-Sisi's third straight election win should be officially confirmed on Monday. With little in the way of opposition, the former general has cruised this one, but faces a daunting list of challenges.

War in Gaza is raging next door and Egypt is grappling with an economic crisis fuelled by near-record inflation and past borrowing sprees that mean its debt interest payments alone now eat up almost half the government's revenues.

Economists say that is unsustainable. At least $42.26 billion is due in 2024, including $4.89 billion to the International Monetary Fund.

The first move after the election looks set to be another big currency devaluation. Egypt's pound has already halved against the dollar since March 2022. A dollar now fetches about 49 Egyptian pounds on the black market versus an official rate of 31 pounds. FX forwards markets say the same.

By Wayne Cole

SYDNEY (Reuters) -Asia stocks slipped on Monday in a subdued start to a week where Japan's central bank might edge further away from its uber-easy policies, while a key reading on U.S. inflation is expected to underpin market pricing of interest rate cuts there.

The Bank of Japan (BOJ) meets Tuesday amid much chatter that it is considering how and when to move away from negative interest rates. None of the analysts polled by Reuters expected a definitive move at this meeting, but policy makers might start laying the groundwork for an eventual shift.

April was favoured by 17 of 28 economists as the kick-off for negative rates to be scrapped, making the BOJ one of the few central banks in the world actually tightening.

"Since the last meeting in October, 10-year JGB yields have fallen and the yen has appreciated, giving the BOJ little incentive to revise policy at this stage," said Barclays economist Christian Keller.

"We think the BOJ will wait to confirm the result of the 'shunto' wage negotiations next spring, before moving in April."

Japan's Nikkei lost 0.7%, weighed in part by a firm yen. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%.

South Korea's main index added 0.3%, showing no obvious reaction to reports North Korea had fired a ballistic missile off its east coast.

Chinese blue chips edged down 0.3%, following five straight weeks of falls.

S&P 500 futures inched up 0.3%, while Nasdaq futures added 0.2%. EUROSTOXX 50 futures slipped 0.3% and FTSE futures 0.1%.

Over in the United States, a reading on core personal consumption expenditure (PCE) index is forecast by analysts to rise 0.2% in November with the annual inflation rate slowing to its lowest since mid-2021 at 3.4%.

Analysts suspect the balance of risk is on the downside and a rise of 0.1% for the month would see the six-month annualised pace of inflation slow to just 2.1% and almost at the Federal Reserve's target of 2%.

Markets reckon the slowdown in inflation means the Fed will have to ease policy just to stop real rates from rising, and are wagering on early and aggressive action.

New York Fed President John Williams did try to rain on the parade on Friday by saying there was no talk of easing by policy makers, but markets were disinclined to listen.

MARCH MADNESS

Two-year Treasury yields ticked up only slightly in response, and still ended the week down a steep 28 basis points at the lowest close since mid-May.

Yields on 10-year notes stood at 3.91%, having dived 33 basis points last week in the biggest weekly fall since early 2020.

Fed fund futures imply a 74% chance of a rate cut as early as March, while May has 39 basis points (bp) of easing priced in. The market also implies at least 140 basis points of cuts for all of 2024.

"We now forecast three consecutive 25bp cuts in March, May, and June, followed by a slower pace of one cut per quarter until reaching a terminal rate of 3.25-3.5%, 25bp lower than we previously expected," wrote analysts at Goldman Sachs in a client note.

"This implies five cuts in 2024 and three more cuts in 2025."

If correct, such easing would allow some Asian central banks to ease earlier, with Goldman bringing forward cuts in India, Taiwan, Indonesia and the Philippines.

The investment bank also raised its forecast for the S&P 500 which it now sees ending 2024 at 5,100, while decelerating inflation and Fed easing would keep real yields low and support a price-to-earnings multiple greater than 19.

The market's dovish outlook for U.S. rates saw the dollar slip 1.3% against a basket of currencies last week, though the Fed is hardly alone in the rate-cutting stakes.

Markets imply around 150 basis points of easing by the European Central Bank next year, and 113 basis points of cuts from the Bank of England.

That outlook restrained the euro at $1.0909, having pulled back from a top of $1.1004 on Friday. The dollar was looking more vulnerable against the yen at 142.23, having slid 1.9% last week.

The drop in the dollar and yields should be positive for gold at $2,021 an ounce, though that was short of its recent all-time peak of $2,135.40. [GOL/]

Oil prices were trying to steady after hitting a five-month low last week amid doubts all OPEC+ producers will stick with caps on output. [O/R]

Lower exports from Russia and attacks by the Houthis on ships in the Red Sea offered some support. Brent nudged up 47 cents to $77.02 a barrel, while U.S. crude rose 47 cents to $71.90.

BEIJING (Reuters) - China's finance ministry has allocated a first batch of 237.9 billion yuan ($33.38 billion) of funds from sovereign bonds as of Monday, in an effort to support the renovation of infrastructure in areas hit by natural disasters, state media CCTV reported.

The funds were part of a plan unveiled in October when China said it would issue 1 trillion yuan of sovereign bonds to enhance disaster-prevention infrastructure, the report said.

The plan to help rebuild areas hit by this year's floods and improve urban infrastructure to cope with future disasters has widened China's 2023 fiscal deficit target to 3.8% of gross domestic product from the original 3%.

The first batch of funds will support more than 2,900 projects, CCTV reported, including 107.5 billion yuan to help with rebuilding and disaster prevention and mitigation.

Another 125.4 billion yuan will be used to subsidise high-standard farmland in the northeastern region and the Beijing-Tianjin-Hebei region, and 5 billion yuan will go to major natural disaster prevention and control system projects, CCTV added.

China's finance ministry did not respond immediately to a Reuters request for comment on when it started issuing the bonds.

China has grappled with weather extremes this year, from ultra-low temperatures in January to record rainfall and a blistering hot summer, in wild swings that scientists attribute to climate change.

Temperatures in parts of China, including in provinces Shanxi, Hebei and Liaoning, hit their lowest levels since records began, CCTV said on Sunday, as a cold snap gripped large swathes of the country.

Northern China, including the capital city of Beijing, were the hardest hit by floods after record rainfall from Typhoon Doksuri in July and August. Southern China, including economic powerhouses Guangdong and Fujian provinces, has been hit by two typhoons since September.

($1 = 7.1274 Chinese yuan renminbi)

By Jan Strupczewski, Krisztina Than and Ingrid Melander

BRUSSELS (Reuters) - European Union leaders expressed confidence on Friday that they would clear a large package of aid for Ukraine early in 2024, despite a veto by Hungarian Prime Minister Viktor Orban.

All 27 EU states except Hungary agreed on Thursday to start accession talks with Ukraine despite its invasion by Russia, bypassing Orban's grievances by getting him to leave the room.

But they could not overcome his resistance to revamping the EU budget to channel 50 billion euros ($55 billion) to Kyiv and provide more cash for other tasks such as managing migration.

Kyiv is reliant on foreign assistance as Russia's war in Ukraine rages on, and U.S. President Joe Biden has so far been unable to get a $60 billion package for Kyiv through Congress.

EU leaders, who would prefer a deal backed by all members but also have a plan B, are expected to revisit the issue at an emergency summit at the end of January or early in February.

"We are working very hard to have an agreement by 27 member states," European Commission President Ursula von der Leyen said, adding: "But I think it is now also necessary to work on potential alternatives to have an operational solution in case that an agreement by 27, so unanimity, is not possible."

German Chancellor Olaf Scholz and French President Emmanuel Macron were among those expressing optimism on getting the aid to Kyiv, which is part of a broader multi-year EU budget plan.

"We have other ways of helping Ukraine, but we have not given up on the goal of finding a solution here," said Scholz, who diplomats and officials said played a big role in getting Orban to leave the room to clear the way for a decision on starting accession talks.

Macron said the EU was "not blocked" from providing aid next year, adding he felt Orban had an incentive to reach a deal.

The EU could continue to help with a workaround that involved a deal between 26 members and Ukraine, which would also deny Budapest access to linked EU funds, such as on migration.

The Kremlin praised Orban, who maintains close ties to Russia, and said the EU decision to open accession talks with Kyiv was politicised and could destabilise the bloc.

Orban, who has a history of trying to use disagreements with other EU leaders for his electoral benefit, told state radio he had blocked the aid to ensure Budapest gets EU money that is frozen over concerns about the rule of law in Hungary.

"It is a great opportunity for Hungary to make it clear that it must get what it is entitled to," he said.

The EU restored Hungary's access to 10.2 billion euros of frozen funds this week, but 21.1 billion euros remain locked.

'BAD DECISION'

Ukrainian President Volodymyr Zelenskiy hailed the approval of membership talks as a victory for Ukraine and Europe.

And while Lithuanian President Gitanas Nauseda said that while it made him "proud to be European", he added it was "only the first page of a very long, long process".

Orban, meanwhile, called the move a "bad decision".

"We can halt this process later on, and if needed we will pull the brakes," he said.

EU leaders ended talks on the financial package in the early hours of Friday, with all except Orban agreeing to provide Ukraine with 50 billion euros over four years. His veto blocked the funds, however, because the decision requires unanimity.

The best legal form for providing aid outside the EU budget is to be determined, but the Commission could coordinate a collection of grants for Kyiv.

Ukraine is unlikely to join the EU for many years, but the decision on talks took it a step closer to its long-term goal of anchoring itself in the West and leaving Russia's orbit.

($1 = 0.9162 euros)

Investing.com -- Markets are entering the closing weeks of 2023 after Federal Reserve Chair Jerome Powell said the historic tightening of monetary policy is likely over and discussion of rate cuts is coming "into view". Investors will get a final update on U.S. inflation for this year, while the Bank of Japan may be inching toward a long-awaited policy pivot. Here’s what you need to know to start your week.

1. U.S. data

Investors will get their last update on inflation for this year with Friday's release of the personal consumption expenditures report, the Fed’s primary inflation gauge.

Economists are expecting the PCE price index to remain flat for a second month in November, while the core measure that strips out volatile food and energy costs is seen rising 0.2%.

There will also be data on consumer confidence, initial jobless claims and durable goods orders, while updates on the housing sector include reports on both new and existing home sales.

Atlanta Fed President Raphael Bostic is due to speak on Tuesday.

2. Santa Claus rally?

The Dow Jones industrial average notched another record high close on Friday, and the S&P 500 ended little changed, but registered a seventh straight week of gains in its longest weekly winning streak since 2017.

Some optimism among investors dampened after Fed Bank of New York President John Williams said on Friday it was too soon to be talking about rate cuts.

"What I think we got this week is that (Fed Chair Jerome Powell) doesn't want to overly punish the economy with (rates) being higher for longer for no good reason," Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh told Reuters.

"I don't know if we're going to get whatever is considered a Santa Claus rally, but it looks like all things being considered, we could drift higher from here."

3. BOJ inching towards pivot

Expectations are mounting that the Bank of Japan could end negative interest rates in the coming months, again making it a global outlier as the focus at the Federal Reserve and other major central banks turns to when to begin cutting rates.

A change is unlikely to come at the BOJ’s upcoming policy meeting on Tuesday, but investors will be scrutinizing the bank’s rate statement for any indications that a pivot could come at its next meeting in January.

That expected pivot, plus the Fed's dovish tilt, has pushed the yen back to the stronger side of 141 per dollar for the first time since July.

BOJ Governor Kazuo Ueda said last week the central bank was facing an "even more challenging" situation at year-end and at the start of 2024, jolting markets as speculators ramped up bets that a policy shift was imminent.

4. Gold on track for first annual gain since 2020

Gold is on track to notch up its first annual increase since 2020, fuelled by a weaker dollar and growing expectations for rate cuts in 2024.

Lower interest rates increase the appeal of holding zero-yield bullion.

Real U.S. 10-year yields have been rising non-stop since early 2022, but only turned positive in June, knocking gold back from a near-record. They are now at their highest in eight years, but this has been no barrier to gold vaulting above $2,000 an ounce. And yet the price is still some 20% below its inflation-adjusted all-time high above $2,500 in 1980.

Investors are banking on a flurry of rate cuts next year, while political and economic uncertainty are on the rise - potentially heralding a sweet spot for gold investors.

5. U.K. data

U.K. inflation is currently running at more than double the Bank of England's 2% target and the latest data on Wednesday is likely to confirm price pressures remain elevated compared to other major economies.

The pound hit a three-month high against the euro this month after euro zone inflation dropped sharply, fueling speculation the BoE will take longer to cut rates than the European Central Bank.

But high rates could also tip the U.K. economy, which the BoE expects to flat-line in 2024, into recession, meaning sterling strength is not a one-way bet. The pound's fate rests on whether the BoE keeps reacting to current inflation trends or takes the longer-term view that economic weakness will dampen wages and prices.

--Reuters contributed to this report

Investing.com-- Most Asian currencies steadied after a recent rally on Friday, while the dollar languished at four-month lows as traders positioned for deeper-than-expected interest rate cuts by the Federal Reserve in 2024.

More stimulus measures in China also aided sentiment, as the People’s Bank of China injected 1.45 trillion yuan ($200 billion) into the economy through its medium-term lending facility.

But the move offered little support to the yuan, given that it signals that the PBOC will keep its loan prime rate at record lows next week. The currency traded sideways on Friday.

Economic data also offered some positive cues on China. Industrial production grew more than expected in November, although retail sales and fixed asset investment missed expectations.

Still, weakness in the dollar kept the yuan trading near a six-month high.

Broader Asian currencies advanced slightly, tracking a weaker dollar and as the prospect of lower U.S. interest rates drove investors into risk-driven, high-yield assets.

The Australian dollar- a major indicator of Asian risk sentiment- rose 0.3% to an over four-month high.

The Japanese yen steadied near a four-month high to the dollar, having appreciated sharply against the greenback in recent sessions. But further gains in the yen were uncertain, with the Bank of Japan expected to maintain its ultra-dovish stance in its final meeting for the year on the coming Tuesday.

Purchasing managers index data pointed to more weakness in the Japanese economy, with a preliminary reading for December showing a deeper-than-expected contraction in manufacturing activity.

Among the few outliers for the day, South Korea’s won fell 0.2% after a strong run this week, while the Indian rupee hovered near record lows, having moved little against a weaker dollar.

While optimism over India’s economy drove local stocks to record highs, traders remained wary of the rupee on caution over India’s massive trade deficit. The Reserve Bank has also signaled no more interest rate hikes, despite a recent uptick in inflation.

Dollar languishes at 4-mth low, rate cuts in focus

The dollar index and dollar index futures fell slightly in Asian trade and were at their weakest levels since mid-August.

The greenback was set to lose about 2% this week after the Fed said it was done raising interest rates, and projected deeper rate cuts in 2024.

The Fed’s comments also spurred deep losses in U.S. Treasury yields, and diminished the dollar’s appeal as traders began speculating over just when the Fed will begin trimming interest rates.

Fed fund futures prices show traders pricing in an over 70% chance for a rate cut in March 2024. Goldman Sachs expects the central bank to enact three, back-to-back 25 basis point cuts, beginning in March.

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By Jorgelina do Rosario

BUENOS AIRES (Reuters) -Argentina is set to receive financing from the Development Bank of Latin America and the Caribbean (CAF) to make a $913 million payment due to the IMF next week, two sources familiar with the matter told Reuters.

Argentina, whose $44 billion International Monetary Fund programme makes it the largest debtor to the fund, is due to make the capital payment on Dec. 21.

South America's second largest economy suffers from deeply negative reserves and had to make use of loans from CAF as well as Qatar, and a swapline with China's central bank to make recent payments to the fund on time.

A spokesperson for Argentina's new President Javier Milei did not immediately reply to a request for comment. CAF did not immediately respond to a Reuters request for comment.

Argentina's new Economy Minister Luis Caputo met CAF Executive President Sergio Diaz-Granados on Monday, one source said.

All financing by CAF will need to be signed off by its board.

Caputo said in an interview televised on Wednesday evening that the government would make the payment to the IMF, but did not detail how.

Separately, two sources familiar with the situation told Reuters that IMF staff would hold an informal briefing with the fund's board on Argentina on Monday.

Using CAF funds will allow Argentina's new government to circumvent using the PBOC swapline, which helped the previous government repay debt owed to the IMF.

Argentina's libertarian president repeatedly insulted communist-run China in his election campaign, but has sounded more conciliatory towards the country's second-largest trade partner since winning the vote in November.

On Tuesday, Caputo announced a slate of economic measures including a more than 50% devaluation of the peso to 800 per U.S. dollar and energy and transportation subsidy cuts in a bid to dig the country out of a deep economic crisis.

Argentina's total sovereign debt exceeds $400 billion, and payments due to the IMF and other creditors total about $4 billion in January alone.

By Julia Payne and Andrew Gray

BRUSSELS (Reuters) - European Union countries agreed on a 12th package of sanctions against Russia, the European Council said on Thursday, meaning that a phased ban on Russian diamond imports among other measures will come into effect from Jan. 1.

The EU has been adding sectoral and individual sanctions since Russia's invasion of Ukraine in February 2022 in an attempt to cut off revenues and military equipment feeding Moscow's war machine.

"The European Council welcomes the adoption of the 12th package of sanctions," its concluding statements said.

While the text of the package had been agreed by all countries earlier this week, diplomatic sources said, Austria held back on giving its final approval until late on Thursday. Austria said on Wednesday while it was not opposed, the capital needed time to examine the legal texts.

However, sources familiar with the matter said the country had been attempting to have Raiffeisen Bank International, the biggest Western bank in Russia, struck off a Ukrainian blacklist in return for signing off on fresh European Union sanctions on Russia.

Raiffeisen still appears on Ukraine's list.

The new sanctions package includes a direct ban on Russian non-industrial diamond imports from Jan. 1 and a phased ban on diamond imports from third countries starting from March in alignment with the Group of Seven (G7) countries.

Other measures include tightening the proof required from companies who claim they adhere to the G7 Russian oil price cap. The package also added measures to prevent Russia from obtaining dual-use goods by making EU companies have their counterparties on certain products sign contracts prohibiting re-export to Russia.

A notification procedure for Russian citizens or entities in Russia wishing to transfer more than 100,000 euro ($109,920.00) out of the EU was also included.

($1 = 0.9098 euro)