Euro set for best monthly gain in a year ahead of inflation data

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Reuters UK

By Saikat Chatterjee LONDON (Reuters) – The euro drifted lower on Tuesday, but was still set for its best month in a year ahead of red-hot inflation data that will boost expectations of interest rate increases from the European Central Bank (ECB). German consumer prices jumped a whopping 8.7% and Spanish inflation rates resumed their upward march, setting the stage for more record eurozone aggregate inflation data for May, with a Reuters poll expecting a print of 7.7%. With the European Union closing ranks to cut 90% of Russian oil imports by the end of this year, the inflation demon is unlike…

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