The euro came under selling interest once again, weighed by developments in the Italian political scene, which set the stage for fresh elections, perhaps later this year. With regards to the energy market, oil prices collapsed on Friday as Saudi Arabia and Russia discussed easing the production cuts agreed by OPEC and non-OPEC members.
EUR Drifts Lower on Italian Woes
The common currency tumbled against all of the other G10 currencies on Monday, with the main gainers being JPY, CAD and USD.
The euro opened the week with a positive gap after Italian President Sergio Mattarella rejected the choice of Five Star and League for the position of finance minister, a move that prompted Giuseppe Conte, the premier-designate to resign. The two parties chose Paolo Savona, an academic who had previously supported Italy’s exit from the Eurozone.
However, the currency came under strong selling interest during...
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