The euro has reversed losses to trade higher against the dollar on Monday, after falling to a three-week low earlier in the session.

The euro recently traded at $1.1211,up from a session low of $1.0956. It traded at $1.1168 on Friday.

Doug Borthwick, head of foreign exchange at Chapdelaine & Co., said traders bid the euro higher after realizing that Tuesday isn’t a hard deadline for Greece to make a payment or be in default.

“The media is talking about a June 30 deadline that doesn’t really exist. There’s another 30 days after this deadline. Greece has time to negotiate,” Borthwick said.

While the International Monetary Fund has the option of allowing delinquent countries an additional 30 days to make a payment, Christine Lagarde, the head of the IMF, has said she would notify the IMF’s board immediately (http://www.marketwatch.com/story/imf-greece-would-immediately-be-in-arrears-if-it-misses-june-30-payment-2015-06-25) if Greece misses a EUR1.54 billion ($1.75 billion) payment that’s due on Tuesday. Greek officials said Monday that they will miss the payment.

Notifying the board could trigger cross-default provisions for other bailout loans, but it’s still unclear what the repercussions will be.

Greece’s bailout program also expires on Tuesday.

The euro dropped sharply early Monday after the Greek parliament voted to hold a referendum this Sunday on whether to accept a slate of reforms proposed by the country’s creditors.

Borthwick said he is optimistic Greeks will vote to accept creditors’ latest proposal.

However, Greece’s creditors have refused Greece’s suggestion that they extend the country’s current bailout program until after the referendum.

Elsewhere, the Swiss National Bank intervened in the currency market Sunday evening to help stabilize the franc after the currency suddenly surged against the euro, (http://www.marketwatch.com/story/swiss-central-bank-intervened-to-stabilize-franc-amid-greek-concerns-2015-06-29) according to Thomas Jordan, the central bank’s chairman.

Stocks in Asia and Europe tumbled Monday, (http://www.marketwatch.com/story/european-markets-fall-sharply-as-greek-crisis-worsens-2015-06-29) and U.S. stocks also traded lower.