The long-awaited day has finally come. European leaders concluded their summit in Brussels with a 02:00 GMT press conference that is the penultimate moment in the Greek debt saga.

Chris Vecchio, Currency Analyst at DailyFX, comments on the outcome of the EU Summit.

"Banks and Euro-zone leaders reached agreement early on Thursday to allow for a 50 percent write-down on the value of their Greek debt holdings, a move ultimately enacted to ensure the stability of the Euro-zone, at least in the near-term. The U.S. Dollar was down 1.5 percent against the Australian Dollar, the British Pound, the Euro and the Japanese Yen, collectively, in light of the developments.

"In terms of what happens going forward, the situation remains dicey at best. As noted yesterday, it is likely that the higher yielding currencies and risk-correlated assets will find bids higher on news of relief to credit markets – this has occurred and will likely continue through the end of the month. If a liquidity crunch is ruled out in the short-term, then the U.S. Dollar is likely to come under further pressure as investors flee safer assets and shift capital into riskier investments, knowing full-well that their investments are back-stopped by Euro-zone measures.

"Looking ahead towards next June, the deadline set for Euro-zone banks to raise €106 billion, it is worth noting the ramifications of the new 9 percent Tier 1 Capital Ratio rule that will be in place eight-months from now. To start, it has not been disclosed where that additional funding will come from – either by banks raising new capital in the form of issuing new debt or by selling existing assets to reduce the size of their balance sheets. Additionally, Euro-zone leaders admitted last night that while a plan is in place, the “technical” details are absent, suggesting that there is still nothing concrete in place on how to actually solve said crisis. On a separate note, drawing a parallel to the crisis that occurred three-years ago, after American banking institutions received liquidity injections in November 2008, equity markets rallied briefly before plummeting for five-months thereafter before bottoming in March 2009."

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