The fears in NY late on Friday afternoon haven’t been realised; commodity prices have rebounded with further violence in Libya driving oil prices higher, the EUR is still a currency after the meeting in Luxembourg turned out to be a lot less dramatic than Der Spiegel had envisioned, and general market feeling is reasonably positive with PMs and stocks higher.

If this mood continues, it may give the traditional risk trades like EUR/CHF and AUD/JPY another intraday lift once European trade gets underway.