FOREX-Euro hovers near 3-week low on peripheral worries | Reuters

NEW YORK, May 9 (Reuters) - The euro hovered near a
three-week low against the U.S. dollar on Monday, with renewed
worries about the euro zone's heavily indebted economies
suggesting more losses could be in store for the single
currency.

Standard and Poor's cut Greece's rating to B from BB-,
dragging it further into junk territory on concerns a debt
restructuring is increasingly likely. Moody's threatened to cut
Athen's ratings by several notches.