Todd Colvin explores a volatile session for euro currency futures, which dropped to the 1.1500 level following the ECB policy meeting before engineering a sharp intraday reversal. The rebound up to 1.1580 was fueled by geopolitical headlines pointing toward a potential agreement between the U.S. and Iran, which rapidly weakened the greenback. Colvin notes that the CVOL index tracked this market turnaround, with volatility cooling off as the euro rallied, though it remains above its early June lows. In addition, while the ECB delivered an expected 25 bps rate hike to counter inflation, concerns over economic growth have tempered expectations for a July follow-up ahead of major central bank meetings next week.