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Euro zone flash CPI declines unexpectedly in May

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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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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