EUR/USD Rallies to Above 1.12 Despite Greece Drama

The euro proved broadly resilient on Monday to Greece’s moving one step closer to an exit from the single currency, helped by intervention by the Swiss National Bank and investors concluding that the situation in Athens still has some way to run.

The common currency, which traded as low as 1.89 percent overnight against the greenback, turned positive during Monday trading. It was last up 0.63 percent at $1.11253.

A Greek official on Monday said Greece will miss a $1.77 billion debt repayment to the International Monetary Fund due on Tuesday, after the country’s European partners shut the door on extending a credit lifeline.