Euro sharply cuts gains vs dollar, falls to NY session lows

NEW YORK Thu Nov 29, 2012 10:40am EST

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NEW YORK Nov 29 (Reuters) - The euro cut gains against the dollar, falling to New York session lows after Democratic Congressman Chris Van Hollen told MSNBC on Thursday that U.S. lawmakers are not close to a U.S. budget deal, traders said.

Congressman Van Hollen was elected in 2010 to serve as the top Democrat on the House Budget Committee.

Van Hollen's comments pressured the euro minutes after the euro zone common currency hit one-month highs versus the dollar.

The euro fell to $1.2965, the lowest level in the New York session after Van Hollen's remarks. It was last at $1.2971 , still up 0.1 percent on the day.