Over the past 2yrs, 10y It US has move little over 175Bp higher. It coincided with the Euro dropping over20BF and EurChf breaking down to well below parity again. Note, that it took a similar jump in rate spread in 2012 to accelerate the inverse correlation to EurUsd.
If It 10y breaks above 100bp vs 10y US Italy will need to sign up to an ESM program as the ECB anti fragmentation tool will prove to be insufficient to assure markets.