The euro dropped to its lowest level in almost four months against the dollar as a leadership vacuum in Greece prompted European officials to weigh prospects for the currency union’s first

Alexis Tsipras, who heads Greece’s anti-bailout Syriza party, wouldn’t attend a meeting called by President Karolos Papoulias today, the Athens-based party said in a statement. Syriza rejected a unity government last week following inconclusive elections on May 6. Greece may face another vote unless leaders can agree on a new coalition.

Australia’s currency dropped below parity with the greenback for the first time this year as global stocks and commodities fell.

Sterling rallied against all of its 16 most-traded peers as investors sought an alternative to the shared currency. The pound gained as much as 0.9 percent to 79.63 pence per euro, the most since November 2008, before trading at 79.75 pence, up 0.8 percent. It rose 0.3 percent to $1.6109.