Euro steady against dollar in light trading

AP News
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Posted: Dec 16, 2011 3:54 PM
Euro steady against dollar in light trading

The euro was holding steady against the dollar Friday after Fitch ratings agency affirmed France's credit rating but warned that it could downgrade the ratings of six other countries that use the euro.

The dollar also traded in narrow ranges against other major currencies during light trading ahead of the holiday season.

The euro edged up to $1.3024 in late trading Friday from $1.3011 late Thursday.

On Friday, Fitch affirmed France's top Triple-A credit rating, but warned that it could downgrade the credit ratings of Italy, Spain, Ireland, Belgium, Slovenia and Cyprus.

Investors had been concerned that if France's credit rating was downgraded it could hurt efforts to contain the debt crisis.

On Wednesday, fears that European leaders won't be able to solve the region's debt crisis pushed the euro down to $1.2943, its lowest point since Jan. 7.

In other trading Friday, the British pound slipped to $1.5499 from $1.5501. The dollar fell to 77.87 Japanese yen from 77.91 Japanese yen and to 0.9372 Swiss franc from 0.9405 Swiss franc. The dollar rose to 1.0384 Canadian dollar from 1.0358 Canadian dollar.