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Australia’s S&P/ASX 200 index AU:XJO +0.85%  climbed 1.1%, China’s Shanghai CompositeCN:000001 +1.21%  gained 0.9%, and South Korea’s Kospi KR:SEU +1.27%  rose 1% as trading resumed after a three-day weekend.

http://www.marketwatch.com/story/asia-stocks-mostly-lower-on-europe-fears-2012-05-28

"Broadbent says that markets have already priced in the fact a severe euro area downturn would be met by
further monetary easing, and he says the most important policy decisions affecting the UK are being taken in mainland Europe."

http://www.forexlive.com/blog/2012/05/28/boe-broadbent-eurozone-fears-already-hitting-uk-economy/

Risk of reversal is high as sentiment is extreme, but we favor buying US Dollar dips and selling EURUSD rallies.

http://www.dailyfx.com/forex/fundamental/article/weekly_strategy_outlook/2012/05/28/forex_trading_forecast_market_conditions.html