The dollar fell against major currencies on Tuesday amid concerns about company earnings, a lower U.S. market, an interest rate cut in Canada and the latest address from the Federal Reserve.

The dollar fell to $1.4765 per euro from $1.4665 late Monday. Meanwhile, the dollar was at 109.86 yen from 110.45 yen.

The Dow Jones industrial fell 65 points on signs of growing concern regarding the impact of the credit crisis on bank profits and the economy in general.

Meanwhile, the Bank of Canada cut its benchmark interest rate for the for the first time in three years on concern that the U.S. economy now poses a bigger threat than inflation to the Canadian economy. It lowered its overnight lending rate by 0.25 percent to 4.25 percent.

In a speech on Monday, the President of the Federal Reserve Bank of San Francisco, Janet Yellen noted that the economy has shown a bigger slowdown than she had expected.