Asia Session – October 28, 2011 1:58 AM

After the euphoria of an 11th hour deal to save Greece launched colossal moves higher overnight, Asia spent the day with markets consolidating and investors taking profits. The EUR/USD fell just shy of 1.4250 seven week highs in New York trading but slipped quietly into a range between 1.4160 and 1.4200 over the course of Asia. Yesterdays European Union plan to help save Greece from a certain default helped to spread optimism throughout the financial world, sparking a risk buying frenzy as traders were stopped out of short EUR/USD positions due to the over four big figure move higher. It remains to be seen how long the euphoria will last once the EU plan is scrutinized under a microscope. Full text »

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