English
The euro continues its losses after inflation data in the euro area
The euro extended losses on Tuesday, May 31, after data showed that inflation in the euro zone hit a record high in May, but expectations that the European Central Bank will raise interest rates soon kept the single European currency on track to achieve its best monthly performance in a year.
Inflation in the euro zone, which includes 19 countries, rose to 8.1% in May, compared to 7.4% in April, exceeding expectations of 7.7% with the continued increase in prices, indicating that energy is no longer the only reason for the increase in inflation.
The euro continued its decline against the dollar, and fell 0.6% to about one dollar before recouping some of its losses. On a monthly basis, the euro rose nearly 2% in its best monthly performance in a year.
The Euro's losses supported the Dollar, which is also benefiting from higher yields on US Treasuries.
The dollar index recorded 101.7, up 0.4% on the day, after falling to its lowest level in five weeks at 101.2 pm.
Commodity-linked currencies rose after news that European Union leaders had agreed in principle on Monday to cut most Russian oil imports by the end of this year, which also pushed up oil prices.
The Canadian dollar touched $1.2653, close to a one-month high, in the evening ahead of the Bank of Canada's meeting tomorrow, Wednesday.
As for digital currencies, Bitcoin recorded $ 31,600 after rising to exceed $ 32,000 in the evening for the first time in more than three weeks.
