During today’s trading, the US dollar is slightly cheaper against the euro, appreciating against the yen.

Calculated ICE index, showing the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down 0.02%, the broader WSJ Dollar Index – by 0.04%.

As of 9:07 a.m. Moscow time, the euro was fetching $1.0436, compared with $1.0414 at market close on Friday. The euro is appreciating by 0.21%.

In May, the euro hit a five-year low against the dollar at $1.035 per euro on a looming gap in the tone of U.S. and European central bank policy.

Consumer price growth in the eurozone in June hit another record and amounted to 8.6% in annualized terms, again exceeding experts’ expectations. Meanwhile, the looming threat of an energy crisis in Europe has clouded the region’s economic growth prospects, further complicating the European Central Bank’s (ECB) task of reducing inflation.

ECB Chair Christine Lagarde reassured the market last week that the eurozone is unlikely to return to a low-inflation atmosphere anytime soon and reiterated the regulator’s intention to raise its key rate by 25 basis points in July, despite other ECB officials calling for a faster hike.

The US Federal Reserve, meanwhile, raised its key rate by 75 bps in June. – The regulator last raised the rate at such a pace in 1994, and it is expected that the rate will be raised by such a step in July, Trading Economics writes.

Market participants this week are waiting for the publication of the minutes of the Fed’s June meeting, which may provide more clarity on the regulator’s intentions, and data on the U.S. labor market for June.

The value of the U.S. currency paired with the Japanese national currency amounted to 135.37 yen by 9:07 Moscow time versus 135.21 yen at the close of the previous session. The yen is losing 0.12% against the dollar.

The pound exchange rate is $1.2104 compared to $1.2095 on Friday.