The major currencies inclined sharply in Asian trading against the American dollar after rating agency Standard & Poor's lowered its rating on U.S. debt to AA+ from AAA late Friday. In addition, Europe is continuing to struggle to contain its sovereign debt woes and said over the weekend it will actively implement its bond-buying program in an effort to calm markets.

The EUR/USD pair witnessed a heavy incline, while it recorded the highest level at 1.4429, and now the market is trying to recover this gap, where the pair trades around 1.4324. Further, the GBP/USD also advanced sharply, which rose by 80 pips higher at current Asian session.