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Is negotiated in US $ hence it’s the base line for all International Money Matters.
However here you have 2 forces at work S&P supplying their Best Guess as to what will actually happen instead of what will happen and the Future Traders trying to milk as much out of the system before the axe falls on them and they are called Rouge Traders.
The reality is that the system is broke and particular in the Stock & Futures Markets it’s much more a case of Monkey See and all the other Monkeys do rather than any real sense of what is actually happening. Also remember S&P are only one of the 3 who guess and they are the only ones lowering the US Rating.
Also you should remember that any Rating Agencies guess are not meant to be taken as Gospel. 😉