The Euro is up today with the EUR/USD pair sitting at 1.3516 right now, a change of 0.0026 as investors don’t have to worry about any credit rating downgrades on U.S. debt right now. The dollar was also weaker against the Canadian dollar (USD/CAD) and Swiss Franc (USD/CHF).

After the failure of the super committee on getting any sort of debt reduction plan in place, many investors began to wonder what that would mean for the U.S. credit rating. Well today, many agencies including Fitch Ratings, Moody’s and Standard and Poor’s left their rating unchanged.

Moody’s did warn on Monday however that French debt could lose its AAA rating because of the increase in borrowing costs and slow growth. Kathy Lien of GFT Forex said, “A downgrade of France would cause far more carnage on the market than a downgrade of Spain or Italy even though it would all be extremely bad on the market.”

In Spain, Standard & Poor’s said the country’s credit rating will remain unaffected by the results of their elections over the weekend. The opposition center-right Popular Party won an absolute majority.

The Indian rupee hit a 2-year low against the dollar yesterday when it fell to 52.21. The Reserve Bank of India has been raising interest rates since early last year. The rupee fell yesterday after the steep sell off that hit global markets and investors running back to the safety of the dollar. Forex trading will continue to be volatile on this holiday shortened week and as the euro zone debt crisis continues.