Euro falls below US$1.10 amid Greek Euro exit risk

29/06/2015 04:24 AST

The euro dropped more than 1 per cent after Greece’s government moved the nation a step closer to leaving the currency bloc by effectively asking voters to decide on its membership.

The yen climbed against all 16 major peers as investors sought a haven in Japan’s currency. Greek Prime Minister Alexis Tsipras rejected the latest aid proposals by creditors on Friday, announcing a referendum on them for July 5 and saying he would advocate a “no” vote. With cash flooding out of banks at a record pace and the bailout expiring Tuesday, Greece will shut lenders Monday. Volatility in the euro jumped the most since January, when the Swiss National Bank roiled markets by scrapping its cap on the franc.

“I don’t know how far it’s going to go, but I’d say it will be in a downward direction,” said Imre Speizer, senior market strategist at Westpac Banking Corp in Auckland. The referendum “is effectively a vote on remaining inside the eurozone and the euro falling almost two cents immediately this morning tells you the market is not hedged for such a scenario” as Greece leaving the shared currency, he said.

The euro tumbled 1.5 per cent to US$1.1005 (RM4.16) at 7.30am on Monday in Tokyo. It reached a 12-year low of US$1.0458 in March. The yen rose 1.2 per cent to 122.43 per dollar.

The Aussie declined 0.3 per cent to 76.32 US cents and the kiwi dollar dropped 0.4 per cent to 68.29 US cents.


Bloomberg

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