Why? It wasn't CB intervention. I think it's probably not as easy as this, but some of the factors included stronger German Factory orders coming in at 2.2 vs consensus of .5. Also after denials last week, Spain today said they will inject bailout funds in to some of their worst banks.
Probably most importantly, the Euro's invisible defender sent the pair back above the key $1.30 mark, it seems someone is still very interested in keeping the Euro above $1.30.
Whatever it actually is (the volatility cycle?) the reasons we have this morning are no where near good enough to explain the move in ES overnight.
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