July Daily Review - 13/07

 

1. Wall Street opened sharply higher on Monday after euro zone leaders reached an agreement with Greece to move forward with a third bailout loan for the country to avert bankruptcy.

Greece won conditional agreement to receive a possible $95 billion over three years, along with an assurance that euro zone finance ministers would start discussing ways to bridge a funding gap until a bailout – subject to parliamentary approvals – is finally ready.

2. The Canadian dollar was lower against the greenback in early trade on Monday as investors turned their attention back to prospects for higher U.S. interest rates after euro zone leaders reached an agreement on a bailout for Greece.

USD/CAD was last up 0.77% to 1.2756, recovering from Friday’s lows of 1.2653.

3. U.S. natural gas prices rose to a one-week high on Monday, as forecasts for the next two weeks turned warmer, boosting near-term demand expectations for the heating fuel.

Natural gas for delivery in August hit a session peak of $2.855 per million British thermal units on the New York Mercantile Exchange, the most since July 3, before trading at $2.846 during U.S. morning hours, up 7.6 cents, or 2.76%.

4. The euro fell to session lows against the broadly stronger dollar on Monday as markets reacted to news that euro zone leaders hammered out an agreement on a bailout for Greece as long as Athens can implement stringent austerity measures in the coming days.

The euro briefly touched session highs following initial reports of a deal before giving up gains and turning lower

 

 

 

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