The European Central Bank has confirmed its intention to hike interest rates at the policy meeting next month. The move is aimed at bringing down soaring prices across the eurozone.

Prices in the euro zone soared with the inflation rate hitting a record high of 8.1% in May, the seventh consecutive month of record high inflation in the 19 countries that share the Euro.

Prices in the eurozone touched another record high in May, challenging the European Central Bank's view that gradual interest rate increases from July will be enough to stem the soaring inflation.

The euro dropped on Wednesday after a poll showed German business morale worsened in November, according to the Ifo institute.

The euro and the Australian dollar rise on Tuesday after US President Donald Trump accepted the start of a transition to a Biden regime.

The dollar was set for a fourth straight month of losses on Monday after a US Federal Reserve policy shift on inflation, while the euro was poised to post a fourth month of gains, taking both currencies to levels last seen in 2018.

Soccer’s 2020 European Championship has been postponed for a year as the world fights to contain the outbreak of the coronavirus.