New reports concerning Greece's dissatisfaction with the standby credit plan agreed to during a European Union summit last month and the involvement of the IMF reignited negative sentiment towards the EUR. The EUR weakened to $1.3379 from $1.3399.
The British pound was also lower Tuesday, falling to $1.5239 in today's early trading, after British Prime Minister Gordon Brown set a date for the much anticipated U.K. general election. Sterling dropped against 10 of its 16 most traded currency pairs over concerns the elections will result in a parliament in which no party wins a clear majority. The U.K fiscal troubles are a major part behind the election.
Looking ahead to today, traders should follow the release of the British Services PMI at 8:30 GMT. A better than expected result might help revive the Pound.