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Why the Greek Aid Deal Gets a Yawn

Angelos Tzortzinis

Hey, Greece finally landed another aid deal!

You wouldn't know it from the way the euro is trading.

Indicators used at Bank of New York Mellon "suggest market participants are not overly enthused by the tentative deal reached between euro area finance ministers and the International Monetary Fund after several rounds of protracted negotiations to ease Greece's bailout terms," says Samarjit Shankar, a currency strategist there.

Shankar notes that even with the finance ministers' agreement, "we are seeing renewed modest net selling of the euro after the outflows in place since the beginning of the month had dwindled late last week and we had seen net inflows on Friday." That's consistent, he says, with concerns that the deal could still fall apart, and unmitigated worries about the state of Greece's economy.

So which currency is the winner in the wake of this dealmaking? You guessed it - the ultimate safe haven.

"The greenback remains in favor as it has for the most part of this month," Shankar says.

With U.S. politicians still at odds over how to avoid the 'fiscal cliff', the risk aversion may well continue. Stay tuned.

(Read more: What is the Fiscal Cliff? CNBC Explains)

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