Economic news

Euro pares losses as Italy trims its budget-deficit plans

The euro recovered from a six-week trough on Wednesday on reports that Italy may to cut the deficit to 2 percent in 2021, providing some relief to the currency.

Photo: Reuters

The common currency inched up 0.35 percent to $1.1585 after its decline to $1.1505 overnight, its weakest since Aug. 21.

The dollar index slid 0.25 percent to 95.288 .DXY after touching 95.744 overnight, its top since Sept. 4. The U.S. currency added 0.15 percent to 113.79 yen, rebounding from the session's low of 113.59 scaled earlier.

Sterling lost 0.1 percent to $1.2995 after dipping to $1.2941 in the previous session, its trough since Sept. 10, as tension in the ruling Conservetive Party intensified.

The Aussie slipped 0.1 percent to $0.7180, recovering from a two-week low of $0.7162 plumbed on Tuesday.

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