The euro proved broadly resilient on Monday to Greece's moving one step closer to an exit from the single currency, helped by intervention by the Swiss National Bank and investors concluding that the situation in Athens still has some way to run.
The common currency, which traded as low as 1.89 percent overnight against the greenback, turned positive during Monday trading. It was last up 0.63 percent at $1.11253.
A Greek official on Monday said Greece will miss a $1.77 billion debt repayment to the International Monetary Fund due on Tuesday, after the country's European partners shut the door on extending a credit lifeline.
Greece Prime Minister Alexis Tsipras announced bank holidays and other capital controls to keep banks from collapsing under the weight of mass withdrawals.
But though the euro initially fell sharply in response, to as low as $1.0956 as investors displayed a "complete lack of panic" over Europe's single currency, as Rabobank senior currency strategist Jane Foley put it.
"If people were questioning the whole coherence of the EMU, then they would want to get out of the euro. The euro's resilience suggests that people don't believe that the EMU will fall apart, even if Greece exits," Foley said, highlighting a move into safe-haven German Bund yields as evidence that investors are not pulling out of European assets completely.