Euro Surges on Greek Hopes, Inflation

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BY JOSIE COX

The euro shot up against a host of global currencies Tuesday, spurred by prospects of Greece’s international creditors sending a fresh proposal to Athens, coupled with some robust inflation data.

The bloc’s single currency surged more than 2.5% against the dollar midafternoon, taking it to an intraday high of $1.1195—its highest level in almost two weeks, according to CQG. It also rose more than 1% against the British pound, the Swiss franc and Japan’s yen. The euro was recently at $1.1133.

Figures earlier in the session showed that eurozone consumer prices rose for the first time in six months during May, a victory for the European Central Bank in its campaign to avert a slide into deflation.

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