Well, what is there to say, really? Greece has been saved, deal done, everyone happy.
Oh hang on, you mean they "agreed" terms last night on a deal that was supposedly done on July 21st of 2011... And actually while we're at it, have they actually "agreed" terms, like really agreed, deal done no more questions type agreed... Ahh, NO...
Yet the price action last night while muted thanks in large part to the US holiday saw the EURUSD wash out smalls to the downside in expectation of an ever delayed press conference, to then, ramp higher taking weak stops with it on the way to an overnight high of around the 1.3285 area.
Net/Net we are almost back to where we started, while other crosses have done practically nothing at all overnight, including the broader "risk" complex. The other standout overnight was the RBA commentary (although I think it may have been misinterpreted by the market) which saw AUD trade lower as inference was made to potential further rate easing from the land down under.
Having said that, though, I revert to my earlier comment and say again that in large part there was little, if any, real movement last night.
The data calendar today is light, with no real tier data of any value to be released and yet again we wait for countless headlines, press conferences, meetings and the like to drive this market. European equities are the only things looking remotely healthy and on a mission at present with the DAX leading the charge higher at the moment.
Keep your powder dry folks, as there really isn't much going on...
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