The euro fell to a 17-month low against the dollar on news reports that France's credit rating might be downgraded by Standard & Poor's.
The euro fell to $1.2623 Friday morning, its lowest level since Aug. 25, 2010. The euro was worth $1.2827 late Thursday.
If France were downgraded it could hurt efforts to resolve Europe's debt crisis. A lowered credit rating means it could cost more to fund bailouts of heavily indebted countries like Greece.
The dollar is rallying against most other currencies. The British pound is down to $1.5251 from $1.5342. The dollar is up to 76.94 Japanese yen from 76.76.
