NEW YORK (AP) — The dollar rose against the euro Monday over speculation that Greece will have to restructure its debt.

Even a downgrade of U.S. sovereign debt from Standard & Poor's did not prevent the movement to the dollar.

Greece's central bank governor said a debt restructuring would have "disastrous consequences" for the nation's access to credit.

The euro fell to $1.4213 in midday trading, from $1.4436 Friday.

Standard & Poor's downgraded its outlook on U.S. sovereign debt, saying there is a one in three chance it will downgrade the rating on the debt in the next two years.

Standard & Poor's downgraded outlook "is U.S. dollar negative," said Camilla Sutton, chief currency strategist at Scotia Capital. "But it hasn't had a material impact today."