The US dollar is appreciating against the euro, yen and pound sterling in trading on Wednesday.

Calculated ICE index, showing the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona) rose by 0.24%, the broader WSJ Dollar Index – by 0.17%.

The market’s focus is on the European Central Bank (ECB) meeting in Amsterdam on Wednesday and Thursday. Investors predict the European Central Bank to raise the deposit rate not earlier than the July meeting, and this time they will wait for its statements on the timing of the completion of the asset purchase program.

In addition, traders are waiting for data on inflation in the U.S. for May, which the country’s Labor Department will release on June 10. The consensus forecast of analysts suggests that the rate of growth of consumer prices in the States last month remained at the April level of 8.3%, Trading Economics notes. Core inflation, which excludes food and energy costs, is expected to have slowed in May to 5.9% from 6.2% in April.

Inflation data is key to the Federal Reserve’s (Fed) decisions on the future direction of monetary policy. Despite some slowdown, US inflation is still too high to deter the Fed from continuing to tighten policy.

As of 9:27 Moscow time as of 9:27 a.m., the euro was yielding $1.0691, up from $1.0703 at the close of the previous session.

The U.S. currency against the Japanese local currency rose to 133.17 yen at the same time from 132.59 yen on Tuesday. The yen is trading paired with the dollar at its lowest since April 2002 due to a major divergence in the plans of the U.S. and Japanese central banks.

Earlier this week, Japan’s central bank chief reiterated his willingness to maintain the current stimulative monetary policy in order to create conditions for sustainable inflation in the country.

The pound sterling fell to $1.2566 from $1.2592 by 9: Moscow time.