The dollar weakened
against the world's major global currencies on Tuesday after IMF and EU
policymakers agreed to reduce Greece's debt-reduction target by EUR40 billion to
124% of gross domestic product by 2020, an accord needed by IMF to free up aid.
Greece will cut debt burdens down further to 110% by 2022, while EU and IMF
policymakers agreed to trim interest rates on Greek loans, extend their maturity
by 15-30 years, and grant the country a 10-year interest repayment deferral.
Greece is set to avoid default.
In Spain’s Catalonia region
separatist parties won the majority of the public vote in elections held over
the weekend, which tempered the euro's rally. Catalonia accounts for nearly a
fifth of Spain's economic activity and provides the most tax revenue to the
central government.
Later US are to release official data on
durable goods orders, a leading indicator of production, as well as industry
data on house price inflation. US consumer confidence data will also be
published and FED chairman is to deliver brief remarks at
the National College Fed Challenge Finals, in Washington DC.
