Volatility

As I said yesterday, today and tomorrow's Bank of Japan meeting will be volatile, tomorrow is almost a guaranteed bad day for the Euro and thus the market as Japan is expected to try to save their currency.

Early this morning trade was flat and boring until the German Bundestag gave Merkel the authority she needed to negotiate in Brussels today sending the EUR and market higher on news that was priced in days ago.

The short lived lift to the EUR came as the world of finance realized these talks are nowhere near complete and they are still at an impasse over Greek bond-holder haircuts.

• EU TALKS WITH BANKS ON GREEK BOND LOSSES SAID TO BE DEADLOCKED 
• EU TALKS 'PAUSED' ON A DISPUTE ON INSURING RISKS OF NEW BONDS
• EU official says dispute centers on insuring risk of new bonds.
• Involuntary Greek haircuts can’t be ruled out
• EU Said to Consider Limits on EU-IMF Loans in 2nd Greek Rescue

Expect there to be a lot of these news items today and thus a volatile day.

Here's the Euro's reaction to both events.