During today’s trading, the dollar is moderately declining against major world currencies, market participants are eagerly awaiting the publication of data on inflation in the U.S. for May.

Calculated by ICE index, which shows the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), decreases by 0.1% during morning trading. The WSJ Dollar indicator, which tracks the dollar against 16 currencies, is losing 0.19%.

As of 8:45 Moscow time, the euro was at $1.0640 compared to $1.0617 at Thursday’s market close.

Paired with the Japanese currency, the dollar fell in price at the same time to 133.80 yen against 134.36 yen at the close of trading the previous day.

The value of the British pound against the dollar increased by 0.18% to $1.2515 from $1.2493 by 8:45 Moscow time.

US May inflation data is the key statistic this week as it will provide a better assessment of the state of the US economy for both market participants and the Federal Reserve (Fed).

According to the forecast of analysts polled by Trading Economics, the growth rate of US consumer prices in May remained at the April level of 8.3%. Meanwhile, price growth excluding fuel and energy is expected to have slowed to 5.9% from 6.2% a month earlier.

The market also continues to evaluate the results of the European Central Bank meeting held the day before. The ECB expectedly did not change all three key interest rates, but announced plans to raise them by 0.25 percentage points already in July. Then the central bank plans to raise rates again in September, and the pace of this increase will depend on medium-term inflation forecasts.

The ECB also presented updated macroeconomic forecasts. The regulator now expects consumer price growth in the region to reach 6.8% in 2022, 3.5% in 2023 and 2.1% in 2024.

Eurozone GDP growth forecast for 2022 was lowered to 2.8% from 3.7% expected in March, for 2023 – to 2.1% c 2.8%, for 2024 – raised to 2.1% from 1.6%.