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NEW YORK, July 9 (Reuters) - The euro dropped to a session low against the dollar on Tuesday after ratings agency Standard & Poor's lowered Italy's sovereign credit rating.
The euro fell as low as $1.2754, a three-month low, and was last at $1.2767, down 0.8 percent on the day.
The S&P cut Italy's sovereign credit rating to BBB from BBB-plus. The outlook is negative.