Euro futures traded lower and in a narrower range, closing at 1.17, after having rallied from 1.165 on Thursday to 1.178 on Tuesday. Volatility also declined to near one-month lows. Markets are now looking ahead to the ECB meeting and U.S. CPI data, which may provide future guidance. The ECB is not expected to cut rates, as they have been in a cutting cycle and will likely wait to see how recent cuts have affected the market. Conversely, the Fed is anticipated to begin a cutting cycle later this month.