Euro futures opened the week with a significant move lower, reaching 1.1692, a level not seen since January. The decline was primarily driven by a flight to quality in the U.S. dollar following an escalation in the U.S.-Iran situation over the weekend. While the currency experienced a small rally to close near 1.1690, it remained significantly lower on the day. Market volatility moved higher alongside the decline in the euro, as reflected in the CVOL index at cmegroup.com. Positioning data suggests that speculators had been timely in exiting net long positions over the past two weeks leading up to this sell-off. Market participants are now monitoring whether speculators will continue to exit or if a bounce will occur as the situation evolves from both geopolitical and economic perspectives.