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The euro failed to sustain its gains from the previous session versus the dollar on Wednesday, with traders expressing concerns that the Greek debt situation will not be resolved at this week's European Union summit.
Despite reports suggesting a rescue plan led by Germany is in the works, yesterday's euro rally ran out of steam, leaving the single currency near an 8-month low.
Moody's Investors Service reiterated the need for risk differentiation among the three southern European nations, Spain, Portugal and Greece, whose public finances are under market scrutiny. The agency also warned that Greece faces a risk of further downgrade if the government fails to stick to its plans to cut debt.
Traders also considered US trade deficit figures, which suggested that demand for imports is picking up as the American economy fights back from the sever recession.
The euro slipped to 1.3710 versus the dollar, moving closer to 1.3595, its lowest level since last May.
Against the yen, the other fashionable safe haven play, the euro held near 123.40, staying away from last week's 11-month low of 121.20.
The euro hovered near .8800 versus the sterling, within a whisker of yesterday's monthly high.
French industrial production unexpectedly declined in December, pointing to an anemic economic growth at the end of 2009.
Industrial production dropped 0.1% on a monthly basis in December, reversing a revised 0.6% rise in November, statistical office Insee said Wednesday.
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