Both the euro and the yen have jumped even as policy makers in Europe and Japan unveil further stimulus, while the dollar has posted its worst string of monthly losses in two years following the first Federal Reserve rate-increase in a decade.
Antonio Conte is set to have an Italy training retreat on May 18-21, but a return to 3-5-2 could cut Lorenzo Insigne. The Coach is preparing for the tournament in France this summer, which begins against Belgium on June 13.
The poor outlook for the pound inherent in this scenario could be matched by that for the euro, which - according to WisdomTree Europe's analysis - would also be at risk of succumbing to selling pressure.
EUR/USD has posted slight losses on Thursday, as the pair trades at 114.50 in the European session. On the release front, there are no major Eurozone releases and German markets are closed for a holiday.