EUR/USD Rests on 1.1050 after Greece Vote

The euro tumbled across the board on Monday, but was off the lows of the day, after Greece voted to reject the conditions tied to the troubled country’s debt bailout deal.

The resignation of Greek Finance Minister Yanis Varoufakis, however, was positive news for Greece, removing a “constant thorn” to any deal with the country’s creditors, said Dennis de Jong, managing director at in. Varoufakis’ exit partly prompted a comeback in the euro, analysts said.

The euro dropped to a one-week low against the dollar below $1.10, and skidded to a six-week trough versus the yen immediately following the “No” outcome. Selling was also seen in other higher-yielding currencies such as the Australian dollar and emerging market currencies.