By Carla Mozee, MarketWatch
The euro fell sharply against its rivals in early trade Sunday
as the first official projection from Greece's referendum showed
61% of voters rejected terms set forth by the country's creditors,
but the European currency soon began modestly paring its losses as
investors pondered the road ahead.
At about 3:30 p.m. U.S. Eastern time, shortly after early
results from the Greek vote broke, the euro was showing a daily
loss of 1.2% against the dollar at $1.0979, according to FactSet,
almost a full cent off its $1.1082 level late Friday.
But four hours later, the euro had recovered a bit of lost
ground to trade at $1.1010, or a 0.9% loss.
Against the yen, the shared currency was off 2% at Yen133.80 at
3:30 p.m. Eastern time, but then trimmed losses modestly to
Yen134.73, down 1.3% for the day.
Against the Swiss franc, the euro was down 0.6% at 1.0390
francs, moving off a 0.9% loss at 1.0360 francs immediately after
news of the apparent referendum outcome.
If confirmed, the referendum's result will indicate there was a
larger-than-expected backing for the Greek government's position in
its stance against other European entities, as well as underscore
questions about Greece's future in the euro.
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