Stock markets remain decidedly unimpressed with the Greek deal struck on Tuesday morning, but the reaction in the euro has been more measured, with EUR/USD down only slightly so far this morning.

That said, the single currency has found it equally hard to press any higher, with early morning gains being knocked back following a slew of weaker PMI figures for the region. German PMIs all came in below expectations for February, showing that even Europe's largest and most resilient economy is not entirely immune from the crisis. Meanwhile surveys for the currency union as a whole dropped below the 50 mark that separates contraction from expansion, signalling that further hardships are in store, and that the crisis continues to act as a major hindrance to business confidence and activity.

The one bright spot was industrial new orders data, which registered a smaller-than-expected contraction for December in year-on-year data. All this is being subsumed in the knowledge that Greece has only days to meet several critical conditions in order to actually qualify for further bailout funds, and this may help to keep EUR/USD under pressure for the time being.