Eurozone crisis rears its head again with prospect of new elections in Italy and vote of no confidence in Spain 7.49am BST The euro continues to come under pressure, falling to its lowest level since November 2017 against the dollar. It is down 4% so far this month at $1.159, and is also at a new six and a half month low against the Swiss franc. It has fallen 0.1% against the pound. 7.43am BST GOOD MORNING, AND WELCOME TO OUR ROLLING COVERAGE OF THE WORLD ECONOMY, THE FINANCIAL MARKETS, THE EUROZONE AND BUSINESS. It’s been a little while, but the eurozone looks like it could be heading towards another period of turmoil. And it is not Greece this time. Related: Italian president names interim prime minister until fresh elections The overriding problem for investors is that these are two of the largest, most important economies in the eurozone. Euro traders are aware that the potential fallout from Italy mainly, but also this Spanish headache, dwarfs the fallout which could have been following the Greek debt saga and as a result the euro has fallen heavily out of favour and has continued to decline overnight. With potential elections just around the corner in both Spain and Italy, a summer of volatility now seems almost a given. European Opening Calls (with FTSE revised):#FTSE 7692 -0.50%#DAX 12811 -0.41%#CAC 5492 -0.31%#MIB 21809 -0.56%#IBEX 9732 -0.33% Continue reading...
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