Given last week's anticipation of the Greek referendum that could have precipitated the country's exit from the euro it would have been reasonable for investors to be running around like headless chickens. But they weren't. They had five months' preparation for this and they are taking it all with exceptional aplomb. Over the last week, although the euro fell by one and a quarter US cents, it has remained steady against sterling and strengthened by an average of 0.4% against the other dozen most actively-traded currencies.
There was a degree of confidence that Greeks would say Yes to what amounted to an in/out vote on membership of the single European currency. They didn't. Now what? The initial market reaction in the Far East this morning was benign, with a modest one-cent mark-down for the euro as Sydney opened for business, and since then not much has happened to it. The resignation this morning of Yanis Varoufakis, the Greek finance minister, took the euro a quarter of a cent higher.