The euro is tumbling as expectations for ECB action rises. The currency just touched a low of $1.3655, down from an intraday high of $1.3723.

Earlier today, we learned from Q1 GDP reports that France's economy halted, Italy's economy contracted, and Portugal's economy tanked. Meanwhile, Germany seems to be doing fine growing 0.8% in Q1. Altogether, the euro zone grew 0.2% in Q1, missing expectations for 0.4% growth.

The weak data puts increasing pressure on the European Central Bank to act at its upcoming June monetary policy meeting.

"The European Central Bank is preparing a package of policy options for its June meeting, including cuts in all its interest rates and targeted measures aimed at boosting lending to small- and mid-sized firms (SMEs)," reported Reuters' Andreas Framke, Paul Carrel and John O'Donnell on Wednesday.

Markets are in the red across Europe.

Britain's FTSE 100 is down 0.1%. France's CAC 40 is down 0.3%. Germany's DAX is down 0.2%. Spain's IBEX is down 0.3%. Italy's FTSE MIB is down 1.3%.

Meanwhile, Dow and S&P 500 futures are flat ahead of the U.S. trading session.

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