The ailing single currency fell 0.25 per cent on Tuesday as the country’s parliament was expected to reject the planned levy on Cypriot depositors. The euro hit a new three-month low, dropping to a dismal $ 1.2882. Now that all eyes are on the tiny island state, it is unlikely that any positive figures would prompt much optimism around the eurozone as investors are nervous about the potentially dramatic consequences of the Cyprus bailout. Some even see the levy as a watershed moment for the single currency while others expect the bailout to pass and thus see the euro live yet another day. A spokesman for the Cyprus government said that it is unlikely that the levy on bank deposits will be approved by the parliament, Reuters reported.