January 2, 2013 / 4:35 PM / in 5 years

Euro surrenders gains vs dollar, turns negative

NEW YORK, Dec 2 (Reuters) - The euro reversed gains versus the dollar to trade negative in late morning trade on Wednesday as the initial euphoria over a U.S. deal to avert the “fiscal cliff” faded.

The euro fell as low as $1.3183 on Reuters data and was last down 0.1 percent at $1.3190.

Analysts said while the legislation passed averted huge tax hikes and spending cuts, it did not end the political showdown on the budget. Battles over the sequester, as the automatic spending cuts are known, and the U.S. debt ceiling will come to a head in February.

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