* Euro pressured by S&P ratings warning on Spain

* ECB expected to cut interest rates this week

* Yen rises as traders shun risky assets on economic fears (Adds comments, details, updates prices)

By Wanfeng Zhou

NEW YORK, Jan 12 (Reuters) - The U.S. dollar rose on Monday to a one-month high against the euro, which came under pressure on expectations the European Central Bank will cut interest rates this week and after Standard & Poor's warned it could cut its ratings for Spain.

The yen was broadly stronger, hitting a three-week high versus the dollar and a one-month peak versus the euro as a grim view on the global economy and falling stock prices worldwide led investors to shun riskier assets.

The market's appetite for risk, already hurt by declines in global equity markets, took another dive after S&P said it could cut Spain's top "AAA" rating. The ratings agency's decision, which followed a similar move on Greece last week, heightened worries about the euro zone economic outlook.

The news from S&P "is making people a bit nervous in terms of the sovereign risk in Europe," said Ken Landon, global foreign exchange strategist at JPMorgan Chase in New York. "The euro/dollar came off quite sharply after that, while the yen is benefiting as the usual safe-haven currency."

In midday New York trading, the euro fell 0.7 percent against the dollar to $1.3347 EUR=, after sliding to a session low of $1.3289 earlier.