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FOREX-Euro depressed by Greek 'No' vote, markets volatile
* Euro briefly dips below $1.10 in volatile trade
* Yen broadly firmer on flight to safety
* Japan says ready to respond as appropriate
* Australian & NZ dollars hit multi-year lows vs USD
By Ian Chua and Gyles Beckford
SYDNEY, July 6 (Reuters) - The euro fell on Monday, while the safe-haven yen rallied after Greeks voted to reject terms of a rescue package, deepening the country's financial crisis that could splinter Europe if creditors refuse further aid.
The common currency skidded to a six-week low of 133.700 yen , from 136.185 late on Friday. It has since halved those losses in volatile trade to stand at 134.800.
Versus the greenback, the euro came within a whisker of a one-month trough of $1.0955 set a week ago. It fell as far as $1.0969, before recovering a bit of ground to $1.1013.
"The 'no' vote is the worst possible outcome from an 'uncertainty' perspective," said Ray Attrill, global co-head of FX strategy at National Australia Bank.
"'Grexit' risk has clearly risen sharply, and is now the singularly most likely scenario following the referendum. That said, other scenarios, under which a new deal is eventually agreed ... can still sum to a probability of close to 50 percent."
Stunned European leaders called a summit for Tuesday to discuss their next move.
The European Central Bank, which holds a conference call later on Monday, is likely to maintain emergency funding for Greek banks at their current restricted level, people familiar with the matter said.
"The ECB will likely keep this open until it gets clarity from political leaders. In any case, markets are in for a period of uncertainty and protracted negotiation," said Bank of New (KOSDAQ: 160550.KQ - news) Zealand currency strategist Raiko Shareef.
ON WATCH
The 'No' vote triggered a rush to safety with the yen being the main beneficiary. The dollar fell as deep as 121.700 yen , from 122.775. It last stood at 122.300.
Japanese policymakers pledged to work closely to guard against financial market volatility.
Another safe-haven currency, the Swiss franc, also firmed slightly. The Swiss National Bank, which recently intervened to hold down the franc's rise, has already warned it would fight any rush to buy the currency.
The euro initially slid towards 1.0320 francs from around 1.0436 late on Friday, but has since returned to 1.0383.
Traders said the threat of central bank intervention was probably helping to put a floor on the euro for now.
The Australian and New Zealand currencies, usually used as a risk proxy, fell heavily.
The Australian dollar skidded to a six-year trough of $0.7452, while its New Zealand peer touched a five-year low of $0.6645. The Aussie has since edged back to $0.7490, while the kiwi was at $0.6682. (Editing by Shri Navaratnam)
