The euro weakened against the dollar on Wednesday morning ahead of the release of inflation data for the euro area, which could confirm an increase in price levels, according to trading data.

The euro-dollar exchange rate has declined to $1.0860 from last week’s closing level of $1.0863.

In contrast, the dollar-yen exchange rate has risen to 136.75 yen from 136.38 yen. Additionally, the dollar index, which measures the exchange rate against a basket of currencies of six U.S. trading partners, has increased by 0.08% to 102.64 points.

Investors are eagerly awaiting the release of macroeconomic statistics. Eurostat will publish its final estimate of annual inflation in the eurozone for April at noon. The preliminary estimate indicated an acceleration of inflation to 7% on an annualized basis, up from 6.9% the previous month.

Meanwhile, the dollar could continue to be influenced by macroeconomic data as well. For instance, U.S. retail sales showed a 0.4% increase in April compared to March. Additionally, U.S. industrial production unexpectedly rose by 0.5% on a monthly basis last month, contrary to analysts’ expectations of no change.

Earlier, we reported that the Euro was relatively stable against the dollar before the release of eurozone statistics.