With Standard & Poor's downgrading nine euro-zone governments on Friday, the focus in currency markets is firmly back on the sovereign debt crisis that is raging in Europe. The sovereign downgrade, which will almost certainly result in higher borrowing costs, could hardly have come at a worse time. France, which lost its coveted Triple-A rating in the move, is scheduled to auction EUR8.7 billion ($11 billion) in bills of between 84 and 357-day maturities on Monday. Spain is scheduled to follow on Tuesday with its own 12- and 18-month auctions and Germany will auction EUR4 billion in two year notes on Wednesday. The ... (full story)