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Dollar edges higher as Italian budget drama weighs on the euro

Aaron Hankin
Dollar edges higher as Italian budget drama weighs on the euro

The euro, (EURUSD) which accounts for more than 50% of the popular index, was trading at $1.1492, compared with $1.1523 on Friday, as political concerns out of Italy weighed on the common currency. Earlier in the New York session, the euro traded to $1.1461, a seven-week low. “The euro remains under pressure at the start of the week with Italian government bond yields rising further, dragging the 10-year BTP/Bund spread out to nearly 300 basis points, pointing to a weaker euro,” wrote Nick Cawley, analyst at DailyFX.