FXstreet.com (San Francisco) - Westpac’s Sean Callow’s thoughts on the Eurogroup agreement: “While the Eurogroup has set 13 Dec for formal approval of the disbursement (and Germany’s planned parliamentary vote later this week will be watched with interest), for markets the deal should put Greece largely on the backburner for a couple of months before it starts missing its fiscal targets again.”

Westpac continues: “While a positive for the euro near term, we doubt further EUR/USD short-covering will produce sustained trade beyond 1.3050/1.3100.”

EUR/USD now exchanges at 1.2980.