The euro fell below $1.30 for the first time since January as signs of increased funding stress in Europe damped investor appetite for the shared currency.

The euro declined as Italian borrowing costs increased at a debt auction and Spanish banks’ borrowings from the European Central Bank climbed by the most in a year.

The euro’s 14-day relative strength index versus the dollar weakened to 28.8 today, the lowest level since Oct. 3. A reading below 30 signals that an asset may be oversold and due to reverse direction.

The pound was the biggest gainer against the euro among the major currencies as investors sought protection from the crisis.

The pound rose for a third day against the euro as stock declines spurred demand for the perceived safety of the British currency.

The Dollar Index, which IntercontinentalExchange Inc. uses to track the U.S. currency against those of six trading partners, rose to highest since January.