Euro plummets after Italy votes ‘no’ on reform

The euro was under the gun on Monday, skidding to a 20-month low after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilise the country’s shaky banking system. The single currency, which slumped to as low as $1.0505 EUR= in early Asian trade after opening at around

$1.0685, pulled back up to $1.0562. The drop to its session low was the sharpest fall since June and opened the way to a retest of the March 2015 trough around $1.0457. The single currency dropped as much as 2.1 percentEURJPY= to 118.71 yen, but pared some of the losses to trade down 0.9 percent at 120.06 yen. READ MORE