The euro edged up against the dollar on Friday after Spain announced a slew of measures to control its finances, but analysts said the single currency would stay pressured in 2012 as the region's debt crisis roils on. Spain's new government outlined spending cuts and tax hikes for the new year but also said that the public deficit for 2011 would come in above target.
The euro reversed an early loss against the US dollar to add 0.19 percent to $1.2986. The euro also struggled to trade above a decade low against the yen. The single currency fell to 99.844 yen on the EBS trading platform, breaking below an options barrier at 100.00 yen. The euro last traded at 100.00 yen, according to Reuters data. The euro is down about 7.9 percent against the yen for the year. This year the euro has lost more than 2.9 percent versus the dollar, adding to a 6.6 percent decline in 2010.
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