Friday saw the common currency of the European Union climb in value as a result of Greece's leader opting against the referendum he suggested earlier in the week, Reuters reports.
Though the moneypiece enjoyed a boost in value from Prime Minister George Papandreou all but abandoning the idea to let Greek nationals decide if the country will accept a bailout, the currency's gains were tempered by additional concerns that reared in the euro zone regarding the damaging tendencies of the sovereign debt crisis.
Mario Draghi, during his first press conference on his third day as president of the European Central Bank, announced the institution is lowering interest rates from 1.5 percent to 1.25 percent.
"We will now have interest rate differentials working against the euro," global FX strategy head Hans Redeker with Morgan Stanley told Reuters, suggesting the likelihood of rates dropping lower than the previous record low of 1 percent.
The Aegean nation caused quite a stir earlier this week with talk about the referendum as political leaders were surprised, markets were chilled and investors were even more leery of the aftermath of the sovereign debt crisis, according to The Wall Street Journal.
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