Euro: Is the "good" news priced in?

It does seem as if European leaders are making some progress. And to her credit, German's Angel Merkel has always said this process will be a slow tough grind and there is no silver bullet. But at least near-term it seems a lot of good news is being priced into the euro.

Granted, it's a silly exercise to believe one can define what is already priced into any traded asset, especially currencies. But I've done many silly things here before so let's try this one...a list of the good news likely already priced into the euro.

Currency Currents 23 November 2012