The euro pared its prior two sessions advance after speculations Spain will receive 250 billion euros from the EU, IMF and U.S. treasury to tame its huge sovereign debt. However, the Spanish government denied the news.

The 16-nartiion currency surged yesterday against the dollar on the back of auctions by Spain and Ireland which provided clues that European nations can still fund their debt. But today the single currency slipped to 1.2288 on renewed debt concerns and after hitting strong resistance at 1.2330.