The deal still needs approval by national parliaments, including the Greek parliament. Greece’s banking system remains essentially frozen, as European Central Bank policy makers have yet to raise the ceiling on its emergency liquidity assistance program.
The euro initially rose on the news of an agreement, nearing the $1.12 level. But the shared currency EURUSD, +0.0273% finished the North American session at $1.1007, down 1.3% from $1.1156 late Friday in New York.
The euro EURGBP, +0.0141% dropped to 71.07 pence, down from 71.90 pence late Friday, and traded lower against the Japanese yen EURJPY, +0.02% at ¥135.83 from ¥136.99.
Traders are now turning their attention to reports on retail sales for June, and an update on U.S. business inventories from May. Both reports are expected Tuesday morning.
The U.S. Dollar Index DXY, +0.05% a gauge of the dollar’s performance against six other currencies, rose 0.8% to 96.7520.
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