Greece’s second bail-out met with relief
Traders and strategists believe latest rescue package is a positive development, but expect further pain ahead as it is implemented
Forex traders and strategists have widely welcomed a second bail-out package for Greece announced by eurozone heads of state on July 21. The agreement will see a new programme of support amounting to roughly €109 billion, under which the private sector will also contribute €37 billion.
Forex markets greeted the news with relief, with eurodollar rising to 1.4437 in intraday trading on July 22, having been at 1.38 earlier this month. Meanwhile EUR/CHF traded at 1.1890 and EUR/GBP touched 0.8853.
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