It looks like EUR and USD are completely separate systems, so that if I deposit EUR I can't buy in the USD market, and if I sell in USD I can't withdraw to SEPA. Is that correct? If so it severely limits the usefulness.
You can however just buy Bitcoins in USD and sell them in EUR... I guess the problem is here, that trading Bitcoins is not a currency exchange - if
Tradehill offers to directly exchange EUR to USD however, they might need different licenses etc.
Great to hear about the EUR market though, another currency to add to my referral income (and finally a useful one!)... Looking forward to it!