The euro erased gains after Standard & Poor’s Rating Services said the debt rollover plan for Greece may put the country in “selective default.” The 17-nation currency had advanced 0.4 percent earlier against the dollar before finance chiefs gather next week to discuss a long-term lifeline for Greece. Thailand’s baht rose after an election victory by allies of former premier Thaksin Shinawatra spurred optimism foreign investors will return. “The euro is being sold as the market reacted to the S&P headline,” said Kumiko Gervaise, an analyst in Tokyo at Gaitame.com Research Institute Ltd., a unit of Japan’s largest online currency margin-trading company. “Whenever rating companies say that Greece is going to default, the euro is likely to be sold.” The euro fell to 117.22 yen as of 6:35 a.m. in London from 117.42 yen in New York on July 1, after appreciating to 117.74 yen, the highest since June 8. The euro was at $1.4520 from $1.4526, after advancing to $1.4578, the strongest since June 9. The dollar traded at 80.70 yen from 80.83 yen. The baht rose 0.8 percent to 30.48 per dollar, after climbing to 30.40, the strongest level since June 22. To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Monami Yui in Tokyo at myui1@bloomberg.net To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net

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