After the third meeting in two weeks, world leaders have finally reached an agreement on Greece, on the night of November 26 to 27, supporting risk appetite and eclipsing the failure of the last European summit.

Greek debt should be 124% of GDP in 2020 according to reports. These negotiations allow the payment of new aid for a total of 43.7 billion.

Beyond optimism around such a conclusion, the first expansion in thirteen months of Chinese manufacturing PMI measured by HSBC, but also appeasement in the Middle East and the first increase in six months of the German Ifo business climate had helped to support risk appetite.

Graphically, the Euro returns near 1.30, privileged level in 2012. The most pressing systemic risks have been temporarily removed. We take a long position between 1.2940 and 1.30 for a target at USD 1.3130.