EUR review

Western Union:

The euro exploded above a key level against the dollar thanks to a pair of constructive headlines from Europe. Inflation turned positive for the first time since Nov, climbing by a healthier than expected 0.3% in May which suggested the bloc may have weathered the worst of its bout with economy-strangling deflation. 

Greece had yet to win more rescue money but it seemingly toward steps toward a deal as Athens submitted a new list of reforms to its creditors who held overnight talks on Greece's bailout. 

The euro's high sensitivity to news related to Greece should keep it on an unpredictable path for the foreseeable future. The ECB renders a policy decision and press conference Wednesday, an event with the potential to stoke further euro volatility.