We’ve got our first look at markets after a weekend full of Greek drama, and to start things off the euro is getting slammed.
In early trading Sunday night, the euro dropped more than 1.5% against the US dollar to below $US1.0979.
The euro closed at $US1.1167 against the dollar on Friday.
The euro was also down as much as 2.5% against the Japanese yen.
Business Insider’s Jonathan Garber also noted that against the British pound, the euro was below $US0.70, the lowest since 2007.
Over the weekend, we were bombarded with news out of Greece, but most significantly we learned that on Monday, Greek banks will be closed. This “bank holiday” will reportedly be in effect through July 5, when Greece has scheduled a referendum to vote on the latest bailout proposal from its European creditors.
Futures in the US won’t open for a few hours, so we’re still on hold a bit until we get a bigger picture of what markets are doing in the wake of the Greece news.
But right now, markets aren’t looking too thrilled about the news.