According to Jinshi, institutional analysis shows that the euro-dollar exchange rate remained above 1.08 in Asia-Pacific trading, slightly giving up the previous trading day's gain of about 0.3%. The swap market fully expects the European Central Bank to cut interest rates in June, which is basically unchanged from expectations in recent weeks. France's harmonized CPI is expected to rise to 2.6% year-on-year in May (previous value: 2.4%), mainly due to base effects. At the same time, the harmonized CPI is expected to increase modestly by 0.1% month-on-month, compared with 0.6% in the previous month. Later, the eurozone CPI is expected to rise slightly in May, or 2.5% year-on-year, compared with 2.4% in the previous month, mainly reflecting base effects. The key to determining when and how much the ECB will cut interest rates lies in the trend of service industry inflation, which fell to 3.7% in April from the previous stable level of 4%.