Euro cuts losses vs dollar, trades flat

NEW YORK Mon Dec 31, 2012 9:10am EST

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NEW YORK Dec 31 (Reuters) - The euro erased its losses against the dollar in early New York trade on Monday, with investors closely watching last-minute U.S. budget talks to avert the "fiscal cliff."

The euro was last at $1.3217, little changed on the day.

The Democrat-controlled Senate reconvenes on Monday with only hours to find a legislative solution, most likely a stop-gap deal, that would also have to be passed by the Republican-majority House of Representatives.

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