The Euro has started the week lower as have other risk assets as risk aversion has increased thanks to news out of Greece that they are putting the Euro debt resolution to a referendum vote and will also be holding a confidence vote of government.
What???
What are these fools doing? The resolution to the debt crisis was supposed to quell market fears and this move by Greece is threatening to derail the process. It makes no sense to vote on unpopular decisions and then potentially oust the politicians who voted for it before it gets a chance to get started. This is likely to have a material affect on this deal and I would not be surprised to see it unravel.
This is just a bad, bad idea and is essentially Greece biting the hand that fees them. Yikes. Stay tuned for this one but it looks like the Euro is bouncing off of S2 daily pivot support just ahead of 1.36 vs. USD, though it is not certain how much longer that will hold.