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Currency Analyst since 2010

Greek deal didn't help euro much

Market’s sentiment supported as that Greece reached a deal to avert an immediate fiscal crisis. Euro zone ministers agreed to extend Greece’s financial rescue package by 4 months, a shorter extension that the 6 months the country had sought. The nation has to provide a list of reform measures to the euro area by Monday to secure financing but domestically it came under attack for selling “illusions” to voters after failing to keep a promise to extract the country from its international bailout. EUR/USD is trading in the 1.1375 area after dipping to 1.1280 on Friday.

USD/JPY is trading in the 118.90 area after hitting 118.27 on Friday. Etsuro Honda, an adviser to Prime Minister Shinzo Abe said that the yen has weakened to a “comfortable” level and the Bank of Japan can hold off expanding stimulus for now.

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