The Euro had a reasonably solid week having risen over 2% against the US dollar since last Monday’s open. The Greek debt situation was never far from the news, as the markets took guidance from EU officials to gauge whether progress towards cementing a third bailout would be agreed in time to allow Greece to cover its next ECB debt repayment that falls due on the 20th August. 

There was little on the data front from the Eurozone. The much watched German ZEW economic sentiment survey saw its 5th consecutive monthly decline, although there was little negative reaction to this release. 

The major news impacting global markets last week has been the decision by the PBoC (Peoples Bank of China) to devalue the Chinese Renminbi. The single currency has been the main winner as the simplistic view being digested sees the higher US$/CNY rate leaving the US Federal Reserve less immediate scope to raise US interest rates.