The U.S. dollar opened modestly softer against the euro but generally steady against the rest of its main counterparts following a quiet overnight session. Monday's global trading session was further thinned by a holiday in Japan for Marine Day.The euro entered Monday's North American session below a recent two-month peak against the dollar after Ireland experienced a ratings downgrade. Moody's Investor Service cut Ireland's sovereign bond rating by one notch to Aa2 from Aa1. The ratings agency said Ireland's outlook was stable, which helped the single currency's more muted reaction to the news. Still, Ireland's ratings downgrade was a reminder to investors that the 16-nation community is not quite out of the woods yet as it battles back from the brink of bankruptcy in smaller economies like Greece, Portugal and Spain. The U.K. currency opened steady against the dollar though near a seven-week low against the euro. The pound was little moved by hawkish talk from a Bank of England policymaker, Andrew Sentance, who again spoke in favor of gradual increases to British interest rates. Sentance was the same sole dissenter at last month's BOE meeting at which he preferred a quarter-point rate increase to the central bank's 0.5% key interest rate. The Canadian dollar firmed against its U.S. rival, getting a boost from generally positive risk sentiment and firmer oil prices above $76 a barrel. All eyes tomorrow will be on the Bank of Canada who meets to consider monetary policy. Most market watchers expect the Canadian central bank to lift its interest rate by 25 basis points to 0.75%. EUR: The euro stayed below Friday's two-month high against the dollar and even firmed at the outset of Monday trading, despite news of a ratings downgrade in Ireland. Moody's Investor Service cut Ireland's sovereign bond rating by one level to Aa2 from Aa1. The credit ratings agency cited a "significant loss of financial strength" as the nation continues to improve its fiscal position. The news was a reminder to investors about the continued financial struggles among the bloc's weaker economies that also includes Greece, Spain and Portugal.