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Euro hits 10-year low versus the yen

The euro has hit a 10-year low against the yen and a 12-month low against the US dollar as concerns were raised over Italian debt.

The euro was trading at 100.35 versus the yen – its lowest point since July 2001 – as well as falling below $1.2920 against the US dollar yesterday, a level not seen since January. The euro had reached $1.3080 against the US dollar earlier in the day.

The news came after the Italian government raised £7.5bn in its latest bond auction yesterday, with the six month bills being sold at a yield of 3.25 per cent. However, confidence soon disappeared with Italy’s borrowing cost rising from 6.8 per cent to pass the 7 per cent barrier later in the day. Markets are now awaiting the result of today’s sale on 10-year bonds by the Italian government.

Markets have been steady ahead of the auction with the FTSE 100 down 0.1 per cent at 9.46am.

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