Economic news

Euro dips to seven-week low on Italy budget dispute

The euro dropped to a seven-week weak point on Tuesday on broadly stronger dollar and persisted worries over a dispute in the European Union on Italy’s budget.

The single currency slumped 0.4 percent to $1.1444, its weakest level since Aug. 20, amid developments in the row over Rome’s spending plans.

The dollar index climbed 0.3 percent to 96.081, near a seven-week high of 96.127 scaled last week.

The greenback retreated to 113.16 yen from a 114.54 top breached last week.

The Chinese yuan dipped slightly on the day at 6.9350 yuan per dollar in the offshore trading. It bounced back somewhat after losing almost 0.35 percent overnight.

Spot gold traded at $1,191.10, having dropped 1.4 percent overnight. Industrial bellwethers copper and nickel leaped 1.4 and 2 percent, respectively.

Brent crude futures inched up 50 cents to $84.41 per barrel and U.S. WTI futures were steady at $74.70.

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