Is the euro defying gravity?

The euro enjoyed a good day against sterling based on the hope rather than perhaps the belief that the latest negotiations between Greece and its creditors might lead to the all elusive deal to keep the nation from defaulting and leaving the Eurozone. The Greek government is to present a formal application by end of play today for a new package from the European Stability Mechanism, the name of the Eurozone bailout fund.

Today we have little data out from the whole of Europe apart from German trade exports and imports data – other than that, the focus will be on whether Greece and its creditors can reach a deal.