Deal On Greece Is Pushing The EUR Higher

Deal On Greece Is Pushing The EUR Higher

The euro (EUR) is rising across the board against most of its major counterparts, as the eurogroup meeting reached an agreement on Greece. The eurozone finance ministers consented after 13 hours of negotiations to lower the interest rates on bilateral loans to the debt-ridden nation, while interest payments due to the European Financial Stability Fund (EFSF) will be postponed by 10 years. Additionally, the maturity of the loans increased to 30 from 15 years.

The Australian dollar (AUD) is strengthening versus most of its counterparts. The same is true for the British pound (GBP) ahead of the 3rd quarter Gross Domestic Product (GDP) release.

The euro (EUR) recorded a monthly high at 1.3008 versus the US dollar (USD) overnight following the news that a deal on Greece has been achieved.

The Canadian dollar (CAD) has pierced through below 0.9920 against the US dollar (USD) early in the EU session. This is a minor breakout and a break-and-hold below 0.9910 is needed for lower lows to be recorded.

GER 30 (DAX) opened 25 points higher this morning on the back of the Eurogroup agreement. The index now lies above 7335, a 3-week high.