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The EUR is in the red versus the US dollar, as today is the second day of the German Constitutional Court hearing. The European Central Bank has been accused of acting unlawfully when it purchased government bonds during the eurozone debt crisis. The law suit against the European bailout fund was signed by professors, politicians and more than 37,000 German citizens. The hearing has increased uncertainty and has pushed up the cost of borrowing for some European countries which has weighed on the euro.
France revealed a 0.1% increase in consumer price index (CPI) in May, compared with the previous month. Analysts were expecting an increase of 0.3%, and the smaller-than-expected rate of inflation could be seen as a sign that demand in France is weak.
Later today, the US government will hold a bond auction in order to raise funds. The previous yield on the US ten-year bond was 1.81%; if the yield increases we might see the euro fall against the dollar, as a higher yield could entice bond traders to buy US bonds.