Published by Jamie JemmesonThe US dollar has fallen in foreign exchange trading versus the euro today (August 8th).According to forexpros.com, the single currency was at 1.4425, its best level in a week.The move follows the European Central Bank's (ECB's) decision to purchase Spanish and Italian bonds, in an effort to reduce concerns among investors.Meanwhile, the greenback was hit by a downgrade of US government debt by Standard and Poor's.In a statement the ECB said: "This program has been designed to help restoring a better transmission of our monetary policy decisions - taking account of dysfunctional market segments - and therefore to ensure price stability in the euro area."Meanwhile, the single currency was last week little changed versus the pound, despite the Bank of England's decision to keep interest rates at 0.5 per cent - a record low - for another month.Chris Redfern, Moneycorp senior dealer, told Reuters that "slow progress" was likely to be achieved by sterling.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site