The hedge fund market was very short EUR and AUD and they got caught in the middle of a huge short-covering rally. It was less the details of the EZ package which set this off, more the fact that Germany and France finally showed the political will to get it done, negotiating late into the night with all parties. EUR/USD stalled ahead of technical resistance at 1.4250 but a break above there will be good for another sharp spike higher; dips will probably be limited to 1.4085 initially.
Friday is usually a risk-off session in Asia, let’s see if that stays the same today.
Good luck today and TGIF.