Finally: some progress with the situation in Greece. The emergency Eurogroup summit in Brussels edged closer to a deal on Monday after Greece’s new proposals to balance the government’s books had finally broken the deadlock with its creditors. European Commission President Jean-Claude Juncker said a deal is likely to take place by the end of the week. This gave the euro a short term boost against the majority of currencies, although Eurozone finance ministers have still failed to reach a final agreement over Greece’s bailout. This led to the movement being a minor improvement.
This morning, a whole raft of purchasing managers’ indices are due from France and Germany, as well as the Eurozone as a whole. This could be another boost for the Eurozone. The focus, however, remains on Greece.