Daily Market Report - 13/07/2015

EUR
Eurozone leaders have finally reached an agreement after marathon talks over a third bailout for Greece, officials say. EU President Donald Tusk said the agreement was unanimous. He tweeted that a bailout programme was "all ready to go" for Greece, "with serious reforms and financial support".

European Commission head Jean-Claude Juncker stated "There will not be a Grexit" referring to the fear that Greece would have to leave the euro. Greece is expected to pass reforms demanded by the Eurozone by Wednesday. Parliaments in several Eurozone states also have to approve any new bailout.

USD
Federal Reserve chairwoman Janet Yellen has repeated her view that the central bank is likely to start raising interest rates this year. Recent weak economic data and a call from the International Monetary Fund to delay a rise until 2016 had dampened expectations of a 2015 increase.

However she said in a speech that it would be appropriate to start "normalising" monetary policy this year. Ms Yellen did express caution, saying the jobs market must improve. She expected the economy to grow steadily for the remainder of the year, and that would at least allow the Fed to move ahead with its first rate hike since late-2008.


 Key Announcements

There are no key announcements today