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12/5/16

Italy: Mateo Renzi Loss of no impact on EU as Euro hits two-week high - by T.Cunningham, B. Henderson, H. Yorke

The euro has jumped to its highest level in more than two weeks in volatile trading as markets shrugged off the outcome of the Italian constitutional referendum.

The single currency tumbled to a 21-month low overnight, dropping by as much as 1.4pc to $2.0505 against the dollar, after Italian Prime Minister Matteo Renzi conceded defeat in a referendum over his plan to reform the constitution and said he would resign.

However, in mid-morning trade the euro  jumped back above $1.07 against the dollar in mid-morning trade as investors bet against an immediate snap election. It climbed by as much as 0.48pc to $1.0715, its highest level since November 17.

Note EU-Digest: the big plus for the EU was the defeat in Austria of the Conservative Populist party last night - as to Italy it seems like business as usual.

EU-Digest

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