The euro fell  as Moody’s Investors Service said it will review the ratings of European Union nations after last week’s summit failed to produce decisive steps to end the debt crisis.

The dollar and yen strengthened against most of their major counterparts as investors sought safer assets on concern crisis- fighting efforts are failing to stop European borrowing costs from rising.

The agreement offered few new measures and doesn’t diminish the risk of credit-ranking revisions, Moody’s said in its Weekly Credit Outlook. “Our intention as announced in November is to revisit the level and dispersion of ratings during the first quarter of 2012,” the company said.

Standard & Poor’s put the EU’s AAA rating on “creditwatch negative” on Dec. 5 after similar action on 15 of the 17 euro nations, pending the outcome of last week’s summit and the actions of central bankers.

EUR/USD: the pair has fallen in $1,3250 area.

GBP/USD: the pair has shown low in $1.5530 area, returned back above $1,5600 later.

USD/JPY: the pair has grown in Y77.80 area.