On Tuesday, the EUR/USD currency pair experienced significant gains, briefly surpassing the 1.0300 mark. The uptick was largely influenced by a weakening U.S. dollar and rising caution ahead of the impending U.S. Consumer Price Index (CPI) readings, which are slated for release on Wednesday.
The softer Greenback played a pivotal role in driving the EUR/USD's performance. Market participants appeared to be adjusting their positions in anticipation of the U.S. CPI data, contributing to the currency pair's upward trajectory.
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