The euro tumbled to a more than three-month low against the US dollar and a roughly two-week trough versus the yen on Monday as a bailout plan for Cyprus that will tax bank deposits spurred contagion worries in the euro zone. The euro dropped to a three-month low of $1.2880 in Asian trade, before paring losses to last trade down 0.9 percent on the day at $1.2960.
Against the yen, the euro fell 1.2 percent, briefly breaking through support at 121.68 yen, its 55-day moving average. It dropped as low as 121.55, the lowest since March 6. It was last at 123.14 yen, down 1.1 percent. The dollar dropped to as low as 93.45 yen on trading platform EBS, where yen flows are the largest. On the Reuters platform, the dollar/yen low was 94.03.