The euro is surging.

On Tuesday morning, the euro was up by almost 2% against the dollar, surging past the 1.11 level.

It's a big week for Greece, and there are signs of progress.

The leaders of all the major creditors met Monday night, and Greece has finally submitted a list of reforms to its creditors. The details were not made public, but sources close to the negotiations told Reuters that there are no major new concessions.

But Eurogroup President Jeroen Dijsselbloem said a deal with creditors is still far, according to Bloomberg.

Greece's next payment to the International Monetary Fund is due Friday.

The rally also follows news that inflation has re-appeared in Europe for the first time since November 2014. 

Here's a chart showing the rally:

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