The pressure on the ECB continues to mount and the market is turning more hawkish on the euro pressuring it higher versus its major counterparts with rising inflation confirming more tightening from the ECB.

The Eurostat's flash annual CPI estimate reported rising inflation to 2.8% in April from 2.6% beating the expected rise to 2.7% which added to speculations that the ECB will surely continue to raise rates as the prudent anti-inflation policy will be aimed to get inflation back into target below 2.0%.