The euro partially retreated on Wednesday in the later U.S. trading session from the gains it had previously achieved. After a strong rise to as much as 1.0852 U.S. dollars following the release of U.S. consumer price data, the common currency was recently quoted at 1.0814 dollars. In early trading, the euro had cost about one cent less. The European Central Bank (ECB) had set the reference rate in the afternoon in Frankfurt at 1.0765 dollars, compared to 1.0730 dollars on the previous day. This made one dollar worth 0.9289 euros, compared to 0.9319 euros on Tuesday. The euro's upward trend was fueled by the unexpectedly subdued price pressure in the U.S. Consumer prices rose by 3.3 percent compared to the same month last year, compared to an increase of 3.4 percent in April. Analysts had expected the inflation rate to remain unchanged. On a monthly basis, prices stagnated, while a slight increase of 0.1 percent had been forecast. These data are of great significance for the monetary policy of the U.S. Federal Reserve (Fed). Due to persistent inflation, the Fed has so far refrained from cutting interest rates, including this evening. The rates were kept steady for the seventh consecutive time at the current level. At the same time, the Fed indicated only one rate cut for this year. The prospect of only one rate cut disappointed many market participants. In March, three rate cuts had been forecast, dampening expectations, commented portfolio manager Thomas Altmann of QC Partners. "The stock market had expected a new forecast of two cuts." Closer inspection reveals, however, that one-third of Fed members still consider two cuts possible. Additionally, the two rate cuts originally planned for 2024 have been postponed to the years 2025 and 2026, so the interest rate forecast for the end of 2026 remains unchanged.