The mother of all short-squeezes is underway as EUR/JPY, AUD/JPY and GBP/JPY to name a few shoot higher in US trade. Surging US equities are prompting risk aversion to recede. EUR/USD is being dragged up at the moment on the covering, trading up at 1.4540. Expect 1.4570 to provide good resistance intraday. Dealers have noted Russian selling into strength in EUR/USD, but prices have firmed nonetheless.