The euro fell in European trade on Tuesday away from a six-week high against the dollar, scaled in the Asian session, amid active profit-taking, while investors shun new positions before European inflation data for May.

Recent bullish eurozone data and remarks by ECB officials hurt the odds of an interest rate cut this week.

The Price

The EUR/USD price fell 0.2% today to $1.1416, with an April 22 high at $1.1454.

The euro closed up 0.8% on Monday, the second profit in three days on renewed US-China trade tensions.

US Dollar

The dollar index rose 0.3% on Tuesday away from a six-week trough at 99.58 against a basket of major rivals.

The dollar is now boosted as the Trump administration seeks to calm recent jitters with China and restore business confidence in the US.

Now investors await important US labor data, including job opportunities later today, and the crucial payrolls report on Friday.

European Rates

Recent eurozone data showed inflation rose past estimates in April in several countries, renewing pressures on ECB policymakers.

ECB President Christine Lagarde said the euro could be a practical alternative to the dollar if governments managed to bolster the financial and security structures in the EU.

Now markets estimate a less than 50% likelihood for a 0.25% ECB rate cut in June.

Later today, consumer prices for the whole eurozone will be released, expected to show an increase of 1% in May, down from 2.1% in April, while core prices are expected up 2.4%.