Greece is roiling the currency markets with its debt-referendum plans. Here's how to trade the turmoil.
Just when you thought it was safe to go risk-on, what with the euro over 1.42 against the dollar, Greece up and announces a referendumon the latest debt deal. Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional, says it's just one of many contributors to the volatility that's roiling currency markets - and sending the euro down around 1.36.
"The fact that the major volatility index is up 20% today tells me we're in a highly uncertain time," she told CNBC's Scott Wapner. She anticipates plenty of ups and downs in coming days, what with things like payroll data and a Fed meeting in the offing. Ultimately though, "the euro's heading lower over the next months and quarters," she says, to perhaps 1.30.