Economists warned that the Euro structure would not work, two decades ago. Economists were right. The fact that the existence of the Euro as a monetary union is (essentially) being debated in all night conferences is a comment on the failures of the European structure.
Regardless of the outcome, the negotiations reveal the extent of the disagreement between France and Germany – which has long term implications for Europe. Contagion risk (via bank runs) is still present – and there does not seem to be any attempt to address this.
The Euro area remains a current account surplus bloc, so the Euro's value ultimately is a function of Europeans' willingness to sell their currency. So far the concern seems to be about where Euros are domiciled, not exiting the Euro.
Elsewhere (there is life outside of the Euro) Chinese exports were stronger than expected and imports less weak than expected. Currency distortions play a role, but it is a more positive global growth signal. UK credit conditions data is due.