The U.S. dollar traded mixed against major currencies in late New York trading on Friday after a rally of 14 consecutive sessions. The euro rebounded against the dollar, although the European debt concerns still weighed on the market.

Rating agency Moody's downgraded 16 Spanish banks' long-term credit ratings late Thursday. Nevertheless, the euro stopped its decline against the greenback as investors started to fear that the shared currency was oversold.

The investors are now focused on the upcoming Group of Eight ( G8) meetings this weekend. G8 officials are expected to offer support for the EU to make sure that monetary leaders in Europe try to work with distressed players like Greece for as long as possible.

With no major economic data due out on Friday, the dollar's momentum faded. The dollar index lost 0.116 points to 81.424.

In late Friday trading, the dollar bought 79.08 Japanese yen, compared with 79.28 late Thursday. The euro rose to 1.2737 dollars from 1.2714.

The British pound fell to 1.5803 dollars from 1.5816. The dollar fell from 0.9447 Swiss francs to 0.9430, but rose to 1.0213 Canadian dollars from 1.0174.