The euro fell against the dollar

[gnutrade.satya]

The euro fell against the dollar, pressured by renewed concerns over euro zone debt when a multi-notch downgrade of Ireland's credit rating. Investors shifted into safe-haven bonds and sold the euro after Moody's slashed Ireland's rating by five notches, warning further downgrades could follow.
Win Thin, senior currency strategist at Brown Brothers Harriman in New York said: "While the Moody's downgrade of Ireland isn't any surprise, the sheer magnitude of five notches warrants a mention. We haven't seen anything like this since the Asian crisis. We foresee ongoing downgrades for peripheral -- and perhaps even some core -- euro zone countries over the course of 2011 as the debt ratios are going to get much worse before they get better."