Euro falls in New York trade

The euro fell for the fourth straight day on Monday after a ratings downgrade of Greece kept peripheral eurozone debt woes in focus and made investors risk averse. Standard and Poor's cut Greece's rating to B from BB-, dragging it further into junk territory over concerns a debt restructuring is increasingly likely.
The euro was down 0.3 percent at $1.4267, the lowest since April 19, with a cumulative drop of 3.8 percent in the last four sessions, using Reuters data, the biggest four day drop since May 2010 at current prices. The euro was down 0.2 percent against the yen at 115.15 yen after earlier falling to its lowest since late March. The dollar rose 0.1 percent against the yen to 80.73 yen, off last week's seven-week low. The Australian dollar rose 0.4 percent to $1.0727, extending gains on Friday after the Australian central bank said rate hikes would be needed in future to contain inflation.