In today’s trading, the euro is declining against the dollar after a sharp rise the day before on data on the acceleration of inflation in Germany.

As of 9:27 Moscow time, the euro was at $1.0741 compared to $1.0779 at market close on Monday. During the previous session, the euro reached the maximum in 5 weeks paired with the dollar.

According to preliminary data, consumer prices in Germany, harmonized with European Union standards, jumped 8.7% year-on-year in May after rising 7.8% in April. The indicator became a record since the beginning of its calculation and significantly exceeded the forecast of analysts surveyed by Trading Economics, which provided for a rise of 8%.

Data on inflation in the euro zone will be released today at 12:00 Moscow time. Experts generally expect inflation to accelerate to 7.7% in May from April’s 7.4%.

Such a strong inflation is largely due to the rise in energy prices, which may continue after the introduction of the EU agreed partial embargo on Russian oil imports.

The index calculated by ICE, which shows the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down 0.07% in morning trading, while the broader WSJ Dollar Index is up 0.22%.

The Japanese yen paired with the U.S. currency had lost 0.2% by 9:26 Moscow time and was trading at 127.85 yen per dollar versus 127.59 yen at the close of trading the previous day.

The value of the British pound to the dollar fell by 0.37% to $1.2605 from $1.2652 by 9:27 Moscow time.