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Euro Tumbles To 1-Week Low After Greek Referendum, Yet Recovers Losses

Published 07/06/2015, 06:22 AM
Updated 07/09/2023, 06:31 AM

The euro fell to a one-week low versus the US dollar after Greeks rejected austerity measures demanded by creditors in a referendum on Sunday, yet it recovered most of the losses on expectations the outcome of referendum would have limited effect.

As of 08:28 GMT, the euro traded at 1.1074, compared to the session’s opening at 1.0989, after setting a high of 1.1094 and a low of 1.0967.

The result of the referendum showed that a majority of 61 percent said “No” to bailout terms, which raised odds eurozone leaders may kick Greece out of the euro.

However, the euro pared losses on expectations the ECB would continue its emergency assistance to Greek banks.

Later in the day, German Chancellor Angela Markel and French President Francois Hollande will meet to discuss the situation after the Greek referendum.

A report from Germany showed that factory orders slipped 0.2 percent in May, following a 2.2 percent advance in April.

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