The euro has come all the way back.
After opening sharply lower on Sunday night, the euro is now back to where it closed against the US dollar on Friday.
Said another way, the “gap” down on Sunday night is now filled.
We’re only a few hours into the first rounds of trading after the surprising news out of Greece over the weekend of a referendum on further bailout measure as well as bank closures and capital controls.
In Europe and the US, stocks are trading lower as a result.
But markets are still working through what this deal means, both now and going forward, and the euro has provided us with the first sharp reversal of what is likely to be a volatile week for markets.