The euro fell as low as $1.3126 on Reuters data, the lowest since Jan. 10. It was last at $1.3131, down 0.4 percent. "It's just a continuation of renewed political risk in Italy," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. Conflicting early forecasts of the result of Italy's election on Monday raised the specter of deadlock in parliament that could paralyze a new government and re-ignite the euro zone crisis.