Euromarkets Advanced
The European indices started with profits today as they were affected positively by the developments in Greece, as a deal was finally reached between the two sides for financial support of the Greek economy.
The British FTSE 100 index was up by 0.74% at 6,722 points, the German DAX recorded an increase of 1.36% at 11,469 points and the French CAC 40 moved up by 1.63% at 4,978 points.
Stoxx 600 index recorded profits of 1.12% at 393.16 points.
Shortly before 07:00 GMT this morning, the deal was announced for a new Greek assistance program through ESM, in which the Eurozone summit concluded after 17 hours of hard negotiations. The agreement contains strict conditions and direct funding for the short-term needs of Greece.
However, the agreement was not received positively from the investors in the foreign exchange market, with the euro moving with losses of 0.44% at $1.1147 from $1.1156 that it traded on Friday.
Cameron: Implementing Greek Deal Will Be A Challenge
The Prime Minister of United Kingdom David Cameron said that he is glad that a deal has been reached between Greece and Eurozone.
His spokesman said also that Mr. Cameron thinks that implementing Greek deal will be a challenge.
Euro Is Under Pressure
Euro recorded big losses against the dollar today and fell from the level of $1.11, with the market now leaving behind the Greek problem and assessing the European Central Bank movements regarding quantitative easing.
In particular, at 10:56 GMT, euro fell by 0.78% at $1.1069, while earlier it was founded at the level of $1.1055.
Now the attention of the markets is focused on the implementation of the bond purchase program by the ECB, as the QE program has completed 17 weeks of application. The markets already exceed €205 billion with the ECB giving a strong "injection" of liquidity in the Eurozone economy.