Euro futures faced downward pressure, opening near 1.1657 before sliding to close near 1.1606, completely reversing the previous day's trading range. The move lower was primarily driven by a firm U.S. dollar, which continues to catch a bid amid rising Middle East uncertainty and elevated inflation, rate, and yield expectations. On the volatility front, the CVOL index indicates Euro implied volatility is slightly higher, continuing a slow upward creep since hitting four-month lows on May 11. Meanwhile, positioning data shows speculators added to their net long positions last Tuesday, pivoting from two prior weeks of exiting longs.