Euro cuts gains versus US dollar after Moody's downgrades ESM, EFSF
The euro pared most gains versus the U.S. dollar in late Friday trade after Moody's downgraded the credit ratings on the European Stability Mechanism (ESM) and the European Financial Stability Fund (EFSF).
The ratings agency also maintained a negative outlook on ratings.
The euro traded as low as $1.2981 on Reuters data and was last at $1.2984, up 0.1 percent on the day.
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