Euro turns lower after Greek rating cut

The euro turned lower against the dollar in early U.S. trading Monday after Standard & Poor’s lowered its credit rating on Greece to B from BB-minus.

The shared currency had bounced back somewhat in European hours after dropping late last week on a news report that Greece was considering leaving the euro zone.

“The additional downgrade of Greece will cause continued downward pressure on the euro,” said Greg Salvaggio, a senior vice president for Tempus Consulting.

The euro /quotes/comstock/21o!x:seurusd EURUSD -0.5776% fell to $1.4324 from $1.4385 before the downgrade and from $1.4349 in late North American trading Friday. It also turned 0.6% lower against the Japanese yen /quotes/comstock/21o!x:seurjpy EURYEN -0.5090% .

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- Posted: 2011-05-09 10:06:32

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