NEW YORK (AP) -- Uncertainty about Cyprus' bailout and the political crisis in Italy is pushing the euro to a four-month low against the dollar.

The euro fell as low as $1.2749, its lowest point against the dollar since Nov. 21. The euro was worth $1.2858 late Tuesday.

Cypriot banks have been for nearly two weeks. They are expected to open again on Thursday following an international bailout agreement that's caused jitters in Europe. Cyprus is closing its second-largest bank and seizing funds from big depositors.

Italy is still struggling to form a government after last month's inconclusive elections.

The British pound fell to $1.5117 from $1.5155.