FX-Analysts have seen that even though the EU Officials have managed to reach the long awaited agreement on the second Greek bailout the markets have been very moderate.

After the negotiations that lasted over 13 hours we know that further cuts have been agreed in Health Care, minimum wage, military spending and private bondholders have been convinced to take on more losses whilst the ECB have decided to pass its profits from Greek bond purchases to EU national central banks contributing this way with a 5.5% debt reduction.

The market has reacted indifferently with the EUR/USD declining all the way to 1.3200 whilst European stocks fell.

The Pound Sterling is clinging to the 1.5800 mark this morning ahead of the release of the Bank of England minutes later on. The British Monetary Authority has left the lending benchmark unchanged at 0.5% in its last meeting but is raised its asses purchase programme by £50 billion.

The AUD seems to have recovered to print new session highs so far we have seen 1.0775 and it has been unaffected by the resignations of the Australian Foreign Minister K Rudd.

Japanese stocks fell on Tuesday even after the Euro area finance ministers agreed to a 130 billion euro Greek bailout.

The GBP/USD price tumbled just before hitting 1.5913 and it is now expected to get support at 1.5727.

In China the manufacturing sector contracted again in the fourth straight month as new export orders dropped sharply in the face of the Euro area debt crisis.

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