Matteo Renzi Resigns In Constitutional Referendum Aftermath

Matteo Renzi, Italy's now former Prime Minister, resigned in the aftermath of the referendum which had been commissioned to ask people of Italy if they wished to change the Italian constitution. The decision to reject the reforms has created a catastrophic loss for the government and a major victory for the anti-establishment and right-wing parties, such as Northern League and M5S.

The not entirely unexpected defeat, was marked by an astonishing 59.1% of Italians voting against the reforms Matteo Renzi had proposed. The unexpectedly high turnout and decisive rejection of the reforms was later described as a "feast of democracy".

Minutes after Mr Renzi had tendered his resignation, the single currency hit $1.0505, amounting to its lowest level against USD since March 2015. However, Euro bounced back to $1.0634, which amounts to a mere 0.3% fall.