As for the French downgrade

It seems it may have happened already, we'd just be waiting for the S&P announcement, France I suppose can kiss their AAa goodbye, the only question is 1 notch or two.

From Reuters:

French TV says France downgraded by S&P, citing source

Jan 13 (Reuters) - Standard & Poor's ratings agency has downgraded France's credit rating, French television channels reported on Friday, citing a government source.

Remember, the US was informed at least 8 hours before the downgrade hit the wires. They may wait for the European close.

The Euro seems to be taking it seriously.

EUR/USD 1 min chart, kiss $1.27 good bye, it didn't even put up a fight.