NEW YORK (Reuters) - The euro slid lower against the U.S. dollar late on Monday following the loss of a coveted Aaa credit rating from Moody’s Investors Service.
The euro slipped 0.27 percent to $1.2777 against the greenback on the news. Prior to the rating action the euro was trading near a two-week high on the U.S. currency.
Moody’s cut France to Aa1 and maintained a negative outlook on the credit, citing the country’s uncertain fiscal outlook as a result of “deteriorating economic prospects.”
Reporting by Daniel Bases; Editing by Phil Berlowitz