The EU summit that kicks off today looks like it will be a non-event. After showing so much promise at its preliminary meeting a fortnight ago Reuters reports that final details on the EFSF may not be clear until June. Additionally there appears to have been no progress made on the Irish front with Ireland sticking stubbornly to its 12.5% corporate tax rate thus getting up the nose of the German and the Finns. With Portugal now expected to seek an aid package following rejection of the austerity package (resulting in the resignation of the PM) it is a wonder EUR/USD is trading with a 1.41 handle. Asia might not react but Europe certainly will.