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Euro slides after Italy exit polls Euro sinks after Italian referendum
(35 minutes later)
The euro fell against the dollar after exit polls indicated that Italian Prime Minister Matteo Renzi suffered a heavy defeat in Sunday's referendum. The euro fell sharply against the dollar after Italian Prime Minister Matteo Renzi suffered a heavy defeat in Sunday's referendum.
In trading late on Sunday, the euro was down 1.2% from Friday's close, at $1.0547. The fall continued after Mr Renzi announced his intention to resign. A short while ago the euro was trading at $1.0532, down 1.3% from Friday's close.
The single currency had already registered sharp losses since early November when it was trading at $1.12. The single currency is now at its lowest level since March 2015.
The referendum was formally over plans to streamline parliament, but for many was a chance to register discontent. The referendum was over plans to streamline parliament, but for many it was a chance to register discontent.
Mr Renzi has said he will resign if he loses the vote.
The Italian economy is already in a fragile state and a period of political uncertainty would be likely to do further damage.The Italian economy is already in a fragile state and a period of political uncertainty would be likely to do further damage.
In particular, Italy's banking industry is seen as vulnerable to a loss of confidence.In particular, Italy's banking industry is seen as vulnerable to a loss of confidence.
Many banks are struggling with a burden of bad debt and are in need of refinancing.Many banks are struggling with a burden of bad debt and are in need of refinancing.
That finance would be harder to come by amid a political crisis.That finance would be harder to come by amid a political crisis.
The size of Italy's government debt is also a concern. Government borrowing, depending on which figures you look at, is one of the largest in the eurozone.The size of Italy's government debt is also a concern. Government borrowing, depending on which figures you look at, is one of the largest in the eurozone.