Published by Mark Smith-HalvorsenThe single currency has fallen versus the US dollar in foreign exchange trading today (October 5th), hitting $1.3303 at 06:30 BST.Bloomberg reports the euro has been impacted by a growing belief that further financial stimulus will be announced by the European Central Bank (ECB) tomorrow during its meeting.Moody's Investors Service slashed Italy's credit rating amid rising concerns that its deficit is struggling to be effectively dealt with by those in charge, the first downgrade for the nation since 1993.The country moved from Aa2 to A2, although the body noted that changes are currently unlikely to seen in the short term for those nations with a Aaa rating.Credit Agricole Corporate and Investment Bank in Tokyo's director of the foreign-exchange department, Yuji Saito, said: "The Moody's downgrade of Italy's rating and its report on credit pressures aren't good news. This is probably causing selling of the euro."He added that pressures on the eurozone are "ongoing" at present.The move by Moody's follows the same measures being taken by Standard & Poor's last month, the first time it had downgraded Italy in five years.Greg Gibbs, a Royal Bank of Scotland Group currency strategist, stated that interest rates are likely to be slashed by the ECB tomorrow.He noted that a decline of 25 basis points is anticipated by 60 per cent of economists surveyed by the bank."We'll see the euro more likely to be lower than higher from current levels," he stated.Meanwhile, in the past month the US dollar has benefited from the ongoing uncertainty, rising 7.6 per cent during the period.This follows recent comments made to Reuters by Teppei Ino, Bank of Tokyo-Mitsubishi UFJ currency analyst, suggesting that pressure is likely to remain on the multi-nation currency as economic growth is "not that good".For more information on foreign exchange treasury services and risk management, visit our Corporate FX site