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Market Update: Euro Slightly Below $1.22
The euro traded slightly below $1.22, not far from an over four-month high of $1.2265 hit last week, as investors digested new PMI data and worried about a possible early tightening of monetary policy in the US on signs of higher inflation. A PMI survey showed Eurozone business activity surged in May following the easing of COVID-19 restrictions, with input cost inflation hitting a decade high and output prices rising the most on record. Meanwhile, traders awaited US job data due Friday, which could influence how long the Fed maintains its dovish monetary policy stance. Elsewhere, European Commission President Ursula von der Leyen said Wednesday that the EU is on track to reach its target of inoculating 70% of its adult population by the end of July. [/s2If]
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