The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5550 level and was supported around the $1.5460 level.  Technically, today’s intraday low was just above the 23.6% retracement of the move from $1.6020 to $1.5280.  The common currency gained ground after it was reported that EMU-15 provisional May harmonized consumer price inflation printed at 3.6%, up from 3.3% in April and the same level as March’s rate.  These data make it clear the European Central Bank officials will remain clearly focused on inflation and will not have much of an opportunity to publicly acknowledge the slower growth prospects for the eurozone economy.  ECB President Trichet today said “My colleagues in the ECB Governing Council -- like Juergen Stark and Axel Weber -- and I are concerned about the current high prices. We have to take care that the current price shocks in oil and food prices do not lead to increases in other goods and inflated wage agreements, which in turn will trigger inflation and a wave of wage increases. It was also reported that EMU-15 April unemployment was unchanged from March’s level of 7.1%. Additionally, German retail sales were off 1.7% m/m in April.  In U.S. news, April personal income and personal spending were up 0.2%. Also, personal consumption expenditures were up 3.2% y/y at the headline level, 0.1% m/m at the core level, and 2.1% y/y at the core level.  The Federal Reserve’s perceived upper comfort zone limit for inflation is around 2.0%. It was also reported that May final University of Michigan consumer sentiment weakened to a 28-year low of 59.8, down from 62.6 at the end of April while the May Chicago purchasing managers’ index rose to 49.1.  Euro bids are cited around the $1.5230 level.