We had a phase a few weeks back when the EUR was all dominant on the crosses and EUR/USD rallied to 1.37, whilst AUD/USD went to 1.05. Then we had a phase of consolidation and USD strength, where the EUR/USD fell to 1.3000, the Aussie almost touched 1.0100 and cable was harshly treated.
It’s a bit early to call just yet, but the overnight move in EUR/JPY does suggest that we may now revert to a market dominated by cross moves, where the EUR and AUD will out-perform the USD but most of the big moves will be in the crosses like EUR/JPY, EUR/GBP and EUR/CHF.