Heading into today's vote, FX options markets had seen massive demand for downside protection against a result that threatened the euro's existence. That didn't happen and so those hedges are being unwound en masse with the biggest drop in EURUSD implied vols in history...
Close up, 1mo EURUSD vols erased all the damage from the last few weeks' fears...
And Risk-Reversals (which measure the skew or relative demand for downside protection over upside), have spiked back to near 'normal' levels...
Notably EURJPY (which was one of the biggest movers tonight) has begun to fade quite significantly...
Retracing 50% of its spike as the world wakes up to debt ceiling concerns and what the ECB will do...