The euro’s slide stepped up to a vertiginous plummet as the Italian political situation went from bad to worse, posing a long-term existential threat to the Eurozone. As the common currency underperformed, the yen outperformed as market participants ran for safe havens. EUR-JPY fell by about 1.5% in logging an 11-month low at 125.05 before finding a toehold. EUR-USD posted a 10-month low at 1.1510. USD-JPY saw a 108.42 low. Elsewhere, USD-CAD gained for a sixth consecutive session, this time logging a two-month high of 1.3038.
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