EUR underperforms despite Greek deal

There wasn't much new for markets to digest overnight since the Greek agreement late yesterday. Most markets continued trading with a risk-on tone, with equities decently higher (S&P +1.1%, DAX +1.5%), and most key bonds under pressure. But that positive tone was not reflected in FX land, where EUR remained the biggest laggard and commodity FX underperformed. Broad USD strength has been the overall theme. 

Next steps for Greece are for their parliament to start passing reform legislation while bridge financing is put in place as they need to repay EUR3.5bn to the ECB next Monday.