Markets in Asia are opening, and the euro is getting slammed (EUR, USD, EURUSD, GREK)
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 very early trading on Monday in Sydney, the euro dropped more than 1% to $1.1029 against the dollar, according to Bloomberg.
The euro closed at $1.1167 against the dollar on Friday.
The euro was also down as much as 2.5% against the Japanese yen.
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.
- Not even one big American company is talking about Greece
- Wall Street traders are so tired of the Greece news they made up a new word to complain about it
- In one paragraph, here's what could happen — and what's at stake — as the never ending Greece negotiations finally wind down
SEE ALSO: Greece is in a lose-lose situation