Euro under pressure after Moody's downgrades

The euro was under pressure against major currencies in Asian trade today after Moody's cut the debt ratings and outlooks of several European countries.

The common currency fell to $1.3163, from $1.3191 late yesterday in New York, and to 102.09 yen from 102.34 yen.

The dollar bought 77.55 yen, edging down from 77.58 yen.

Moody's cut the ratings of Italy, Spain and Portugal and put France, Britain and Austria on warning, saying they were increasingly vulnerable to the euro zone crisis.

Casting doubt over whether Europe's leaders were doing enough to reverse the downslide of the region's economy and financial sector, Moody's also cut its ratings for Slovenia, Slovakia and Malta.

The move dampened sentiment that had been boosted on Sunday when Greek lawmakers agreed to a raft of austerity measures considered crucial to the country qualifying for a second bailout.

"The rate cuts came just when the euro seemed to be recovering" over prospects of a possible resolution to the Greek debt crisis, Bank of Tokyo-Mitsubishi UFJ senior analyst Sumino Kamei told Dow Jones Newswires.

Kamei added the cuts will likely pressure the common currency in the days ahead.

"The eurozone finance ministers' meet is upcoming, but Greece may face more hurdles before a second bailout," she said.