In today's foreign exchange markets, Euro futures opened near unchanged but managed to rally throughout the day, ultimately closing at 115.40. This price level serves as the exact midpoint of a six-week trading range dating back to early March. The dollar continued to dictate directional movement, initially pushing higher before retreating to close unchanged. Meanwhile, market volatility has steadily declined, with the CVOL index trending lower since peaking on March 26. In terms of positioning, speculators continued to exit their net long positions, leaving them nearly flat. The last time speculators held a net short position in the euro was in March of 2025.