The common currency Euro remained close to a 7-week trough as worries about the Italian budget persisted which raised new concerns within the European Union. Though spikes in yields on Italian bonds have recently been disregarded by FX market players, the current concerns over a possible economic slowdown in Italy coupled with global stock market weakness has resulted in a sell off of the single currency.

As reported at 11:00 am (BST) in London, the EUR/USD was trading at $1.15, down 0.36% and near the session low of $1.4490; the high for the trading day was recorded at $1.15027. The EUR/GBP is trading at 0.87027 Pence, a gain of 0.06%; the pair has ranged from 0.87669 Pence to 0.87912 Pence in today’s trading.

Italian PM Blames Juncker

Geopolitics is also having an impact on sentiment; yesterday, the Italian Prime Minister declared the European Commission President and the Economics Commissioner as “enemies of the state.” In a joint interview with France’s Marine Le Pen, Matteo Salvini said that their dual impact has resulted in Europe’s fear and job insecurity.