Reuters: US Dollar Report: Euro sharply pares losses as market digests Spain news

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Euro sharply pares losses as market digests Spain news Sep 27th 2012, 16:05 NEW YORK, Sept 27 | Thu Sep 27, 2012 12:05pm EDT NEW YORK, Sept 27 (Reuters) - The euro pared losses after hitting two-week lows versus the U.S. dollar and Japanese yen on Thursday as market participants digested news about Spain's budget for 2013 and its economy. The euro last traded nearly flat at $1.2874 after earlier hitting a low of $1.2827, the lowest since Sept. 12. Against the yen, the euro last traded down 0.1 percent at 99.94 after earlier hitting a low of 99.62, the lowest since Sept. 13, according to Reuters data. Spain's Deputy Prime Minister Soraya Saenz de Santamaria said on Thursday the budget for 2013 would focus on cutting spending rather than hiking taxes, and the government would pass 43 new laws to reform the economy over the next six months. While presenting draft for the 2013 budget she also said Spain would establish an independent fiscal authority to help oversee its deficit cutting promises.

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