Markets rallied this morning after Greece finally reached a deal with its creditors after a marathon 17-hour session (not to mention six months of will-they-won't-they discussions).
But after an initial jump during which the euro bounced to $1.1187 against the dollar, it began to tumble, falling as low as $1.1062, 0.8 per cent down.
What's going on? Is there no pleasing foreign exchange traders – or have they foreseen something the rest of us have missed?
Not so much, suggests Naeem Aslam, chief market analyst at Avatrade. Today's volatility is party to do with uncertainty over whether Greek banks will continue to suffer.