May 30, 2012 / 6:43 PM / 6 years ago

Euro hits fresh 23-month low vs US dollar

NEW YORK, May 30 (Reuters) - The euro fell to a near two-year low against the U.S. dollar on Wednesday with no relief in sight as Italian borrowing costs soared and concerns mounted over Spain’s banking sector.

The euro fell as low as $1.2376, the lowest since July 1, 2010. It was last trading at $1.2382, down 0.8 percent on the day, according to Reuters data.

Italy’s funding costs rose sharply at a bond sale on Wednesday, with 10-year yields topping 6 percent for the first time since January. The Spanish equivalent neared the dangerous 7 percent level that had forced Ireland and Greece to seek bailouts.

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