Dollar falls despite Greece rating downgrade

09:54, June 14, 2011      

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The U.S. dollar fell against major currencies in late New York trading on Monday, despite the downgrade of Greece's sovereign rating by Standard & Poor's.

On Monday, the rating agency downgraded Greece's sovereign rating by three notches from B to CCC.

The agency also said in a statement that the downgrade reflects their view that there is a significantly higher likelihood of one or more defaults of Greek debt.

However, the euro was barely affected by the news. The shared currency rallied to above 1.44 against the greenback in late trading on Monday.

Meanwhile, Japanese economic data showed that core machinery orders slipped 3.3 percent in April from March, showing that the corporate capital spending was losing momentum. The dollar fell slightly against the Japanese yen despite the disappointing data.

The Bank of Japan was expected to release its monetary policy statement on Tuesday at the end of its two-day monetary policy meeting.

In late Monday trading, the dollar bought 80.19 yen, comparing with 80.32 yen late Friday, and the euro rose to 1.4412 dollars from 1.4355.

The British pound also rose to 1.6370 dollars from 1.6239. The dollar fell from 0.8420 Swiss francs to 0.8380, and bought 0.9767 Canadian dollars, unchanged from Friday.

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