Euro loses some of gains made on EU rescue plan

The euro is trading lower, losing some of the gains it made in the wake of the rescue package led by the European Union to stabilize the currency.

The 16-nation currency bought $1.2687 early Tuesday - down from $1.2804 in late New York trading on Monday.

Following the weekend's news of the euro750 billion loan package for heavily-indebted countries using the euro, the currency had briefly surged to almost almost $1.31 overnight, before losing ground again in late trading in New York.

The British pound was slightly lower, reflecting the continuing political uncertainty after last week's indecisive election. It weakened from to $1.4881 to $1.4804.

The dollar lost some ground against the Japanese currency - trading at 92.60, down from 93.10 in late New York trading.