The euro hit a low of $1.3359 , according to Reuters data. It last traded at $1.3364, down 0.5 percent on the day.

The euro hit a low of 102.60 yen according to Reuters data. It last traded at 102.72, down 0.3 percent on the day.

Fitch earlier in the afternoon cut Italy's sovereign credit rating by one notch to A+ from AA-.

Fitch cut Spain's credit ratings by two notches, just a few minutes after downgrading Italy, saying the intensification of the euro zone debt crisis has had a negative impact in the entire region.