Dollar falls on S&P downgrade


Standard and Poor's (S&P) has downgraded the US long-term credit rating from AAA to AA+ and placed it on negative watch amid debt concerns over the world's largest economy.

The ratings agency said the downgrade on Friday reflected the view that the US fiscal consolidation plan, agreed by Congress last Tuesday, fell short of what was needed to stabilise the government's medium-term debt dynamics.

The dollar fell 1.05% against the yen to ¥77.59 as markets opened on Monday and 1.24% against the

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