Todd Colvin examines the Euro's recent rally, which saw the currency reach 117.50, the midpoint of its year-to-date range. Colvin discusses the impact of the latest ECB meeting, where the deposit rate was held at 2%, but officials maintained a hawkish tone due to rising energy and oil prices. The segment also highlights the shift in market volatility, as measured by the CVOL index, which saw a decline following the central bank announcements. Colvin compares the ECB’s stance with the Federal Reserve's recent policy update and looks ahead to the potential for a rate hike in June.