Economic news

Euro weakens before revision of Italy's draft budget

The euro sank to a two-month trough on Tuesday ahead of a decision by the European Commission on Italy’s budget plan that could see a first time ever revision request of an EU member state.

Photo: Reuters

The single currency slid 0.2 percent to $1.4390, heading to a two-month nadir of $1.4325 touched on Oct. 9.

The dollar index .DXY inched up 0.1 percent to a two-month peak of 96.158.

Concerns over anti-establishment government's 2019 draft budget has raised some doubts about the European Central Bank's intention to increase interest rates next summer.

A row between Brussels and Italy's euroskeptic coalition government as well as doubts about the leadership of Britain’s prime minister, means traders are preparing for further political uncertainty on continent.

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