The dollar fell versus the euro on Tuesday after the biggest U.S. mortgage financing company, Fannie Mae, reported a bigger than expected first quarter loss.

Fannie Mae lost $2.19 billion in the first three months of the year, due to a drop in the value of its assets triggered by steep drops in the U.S. housing market. The company also cut its dividend and said it would turn to investors to raise new capital through a stock sale.

The dollar fell to $1.5525 per euro late Tuesday. The U.S. currency was also trading at 104.69 yen.

Looking ahead, the European Central Bank meets to decide on euro policy on Thursday and is expected to keep benchmark lending rate stable.

Fannie mae