November 12, 2012 / 4:15 PM / in 5 years

Euro erases all gains against dollar, trades flat

NEW YORK, Nov 12 (Reuters) - The euro erased slight gains against the U.S. dollar to trade flat on Monday as uncertainty persisted about Greece’s ability to repay its debt.

The euro zone will not authorize more money for Greece on Monday, despite the country approving a tough 2013 budget, because there is still no agreement on how to make its debts sustainable.

The euro last traded flat at $1.2712, not far from a two-month low of $1.2688 struck on Friday, according to Reuters data.

Athens has to redeem five billion euros’ worth of treasury bills on Nov. 16 and had been counting on cash from another aid tranche.

The euro was earlier buoyed by lowered global growth concerns. China’s export growth climbed to a five-month high above 11 percent, beating expectations and adding to recent data suggesting the country’s seven straight quarters of slowing economic growth have ended.

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