The question above is tough. The historic downgrade of the US by S&P is set to aid some currencies against the dollar, while others will suffer. One thing is certain: the week will open with a storm. Here are estimates on 7 currency pairs, assuming that policymakers around the world will not act in extraordinary ways. The credit downgrade was expected, and doesn’t reflect all the big three: Moody’s and Fitch left the perfect AAA rating unchanged. On the other hand, the downgrade is a precedent, and affects the benchmark of global bonds and money markets, that don’t have many places to go to. An immediate impact is ... (full story)