Cyprus, Italy worries push euro to 4-month low

Euro falls to a 4-month low against the dollar on worries about Cyprus and Italy

Associated Press

NEW YORK (AP) -- Uncertainty about Cyprus' bailout and the political crisis in Italy pushed the euro down to a four-month low against the dollar Wednesday.

The euro fell to $1.2774 late Wednesday, from $1.2858 late Tuesday. Earlier, the euro fell as low as $1.2749, its lowest point against the dollar since Nov. 21.

Cypriot banks have been closed for nearly two weeks. They are expected to open again on Thursday following an international bailout agreement that has caused jitters in Europe. Cyprus is closing its second-largest bank and seizing funds from big depositors.

Italy is still struggling to form a government after inconclusive elections last month.

The British pound fell to $1.5130 from $1.5155.

The dollar fell to 94.38 Japanese yen from 94.50 Japanese yen and slipped to 1.0163 Canadian dollar from 1.0164 Canadian dollar.

The dollar rose to 0.9537 Swiss franc from 0.9483 Swiss franc.

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