Forex Pros - Consumer price inflation in the euro zone declined unexpectedly in May, preliminary data showed on Tuesday.
In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 2.7% in May, after rising by 2.8% in April.
Analysts had expected euro zone CPI to remain unchanged at 2.8% in May.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD jumping 0.93% to hit a three-week high of 1.4415.
Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 1.85%, France's CAC 40 rose 1.5%, the FTSE 100 gained 1%, while Germany's DAX rallied 2%.
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