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European Parliament President Antonio Tajani, speaking to Bloomberg TV this Wednesday, commented on the latest political developments in Italy and said that Five Star-Lega alliance is not good for Italy, EU.

Tajani’s comments revived market concerns over the antiestablishment partnership in Italy and kept exerting downward pressure on the already weaker shared currency, weighed down by weaker EZ PMI prints.

The EUR/USD pair tumbled to fresh 6-month lows in the last minute, with bears now eyeing a break below the 1.1700 handle for an extension of the well-established bearish trajectory.