The euro has weakened against a number of major currencies after Italian voters emphatically rejected a referendum to change Italy’s constitution. The country’s Prime Minister Matteo Renzi has said he will hand in his resignation later today on the back of the defeat.

The news coming out of Italy has sent the euro lower in early trade on Monday. Importantly, from an Irish perspective the currency has weakened against both sterling and the US dollar. The single currency is currently trading just under £0.84 against sterling. However, in overnight trading when the Italian referendum result became clear the euro fell to £0.83 against sterling, the lowest the European currency has been at against sterling since the immediate days after the Brexit vote.

The euro has also weakened against the US dollar and is currently trading at $1.06. The single currency had fallen to $1.05 at one point early this morning but has since regained some ground.