020 7898 0500During the Economic and Financial Affairs Council (Ecofin) meeting, it was agreed that Greece would get the capital injections it so desperately needed. However, Greece did not get everything she wanted and had to make several concessions. Christine Lagarde, the IMF’s managing director, said the deal was the ‘second-best solution’ but the markets took comfort from the news.
Looking ahead to the rest of the week, there will be a lot of focus on the Brexit negotiations. It was reported on Friday that the UK has agreed to sort out its EU ‘divorce bill’ and citizens’ residence rights before starting Brexit trade talks. The progress of these talks will likely be the biggest driver of price action over the coming weeks.
In terms of economic data, much of the attention will be on Friday as the purchasing managers index is set for release for the manufacturing and service sectors.
