The U.S. dollar and the yen are weaker across the board as the global markets digest this weekend's 750 billion euros stabilization plan by Europe.

The Scandies were the strongest performers in the G10 world (with the SEK and NOK up 2.8% and 2.6%, respectively) while the euro pushed to a high of $1.3094 by the middle of the European session but lost momentum since, falling back just below the $1.30 mark.

Cable was firmer approaching $1.50 resistance despite the fact that we still don't have a U.K. government in place. Coalition talks are ongoing, with hope that a David Cameron-led coalition government will be formed in the very near future. The Bank of England left policy on hold, a non-event.

Global equity markets were surging after the euro stabilization mechanism program, with European bourses up substantially mid-morning (the DAX in Frankfurt rose 4.5%, the CAC in Paris was up over 8%).

French banks -- highly exposed to Greek debt -- outperformed in Europe. This comes after a strong Asia session, with the MSCI Asia Pacific index up by 1.4%, the first daily increase in six days, and rises seen across the board.

The Nikkei was trading 1.6% higher by the end of the session and higher closes were also recorded on the Hang Seng, up 2.5%, and in Shanghai, up 0.5%.
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