Greek worries put aside amid euro rally

The euro has seen a rally in early forex trading this morning (November 3rd), putting aside fears over the future of the eurozone following turmoil in Greece.

Ironically, dissent in the Greek political system over the proposed referendum has actually served to ease investor fears, as it remains unclear as to whether the referendum - which could have a major impact on Greece's continuing participation in the single currency - will go ahead.

"Depending on whether there is a referendum or not, I would not be surprised to see the euro trade down to $1.33/$1.34 area in the next two to three weeks," Jeremy Stretch, currency strategist at CIBC, told Reuters.

Earlier this week, Reuters revealed the euro saw major losses against many safe haven currencies, following the surprise announcement of the Greek referendum.

Steven Saywell, head of FX strategy at BNP Paribas, told Reuters the referendum was a real "curve ball" and took many investors

Posted by Andrew Cottrill