The S&P 500, Nasdaq 100, Dow Jones Industrial Average all opened steeply lower this morning due to a warning from Standard & Poor's on Greece and a downgrade of Greece to BBB+ from A- by Fitch Ratings.

Exacerbating the picture, Moody's downgraded all six Dubai government-related issuers and said that the U.S. and Great Britain are teetering on the edge of their AAA sovereign ratings due to deteriorating public finances.

Forex Traders should keep an eye on any potential downgrades of sovereign funds going forward as they have the potential to undermine any good economic and earnings data as they have this morning.