The euro dropped to a five-week low against the dollar this week as fears grew over the health of economies on the periphery of the eurozone and after the European Central Bank lowered interest rates.

The euro came under pressure early in the week after Standard & Poor’s, the ratings agency, downgraded Greece’s sovereign debt rating, citing eroding competitiveness and a rising fiscal deficit. This followed warnings from the ratings agency regarding the outlook for other underperforming eurozone members.