Euro futures neared multi-week lows on economic pressure.

Euro futures trended lower for the seventh time in nine sessions, approaching their lowest closing levels since early April. While Germany's first-quarter GDP growth was confirmed at 0.3% quarter-over-quarter due to strong chemical and pharmaceutical exports, forward-looking indicators point to renewed weakness. The latest flash PMI fell to 49.9, signaling a return to economic contraction for the eurozone's largest economy. Meanwhile, the currency pair continues to be heavily influenced by divergent central bank policy paths. Traders are closely watching upcoming U.S. personal consumption expenditures data; hot inflation figures could prompt the Federal Reserve to maintain elevated interest rates for longer, widening the policy spread and adding further downward pressure on Euro futures.