Posted by Zeb BhamThe US dollar rose versus the euro in foreign exchange trading yesterday (August 8th), despite concerns from investors after the US debt rating was cut by Standard and Poor's.Ongoing financial issues led to the European Central Bank opting to purchase Italian and Spanish debt, doing little to reduce analysts worries about the crisis, reports Reuters.Scotia Capital in Toronto's senior currency strategist Camilla Sutton told the newswire: "The perception in markets is increasingly that central banks do not have the tools to solve the problems the advanced economies face.""More harm than good" could have been done by the methods of tackling it so far, she added, despite pledges to tackle the issue head on.According to Bloomberg, Gus Medeiros and Colin Tan, Deutsche Bank AG analysts, suggested "meaningful political responses" are likely to be seen in Europe and the US as default rates have continued to tumble today.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site