The euro fell in the European market on Tuesday against a basket of global currencies, deepening its losses for the fourth consecutive day against the US dollar and hitting its lowest level in four weeks, as investors continued to focus on buying the US currency as the best available investment, despite the easing of military tensions between the United States and Iran in the Middle East.
As global oil prices continue to fall, inflationary pressures on monetary policymakers at the European Central Bank are easing, reducing the likelihood of a European interest rate hike in September.
Price overview
The euro fell against the dollar by about 0.1% to $1.1361, its lowest level since June 26, from today's opening price of $1.1367, while it recorded a high of $1.1380.
The euro ended Monday's trading down less than 0.1% against the dollar, its third consecutive daily loss.
US dollar
The dollar index rose by about 0.1% on Tuesday, extending its gains for the fourth consecutive session and hitting a four-week high of 101.55 points, as the US currency continued to climb against a basket of global currencies.
Despite the easing of geopolitical tensions in the Middle East, investors still prefer to hold onto the US dollar as the best available investment, ahead of the Federal Reserve meeting later today, amid expectations that the central bank will maintain its hawkish stance, while keeping the door open for raising interest rates this year.
