Buoyed by impressive gains in the global stock market on Monday, the Euro rose against all major currencies, but still failed to break the psychologically important $1.50 barrier. Leveling off at 1.4980 against the dollar, the EUR seemed perpetually stuck between the 1.4800 and 1.4990 marks. Against the Yen the EUR also made gains, advancing to Y133.22 from Y132.26 in trading on Monday as the rise in stocks also hurt the safe haven currency.

On Tuesday, traders should look at the German Ifo Business Climate report, set to be released at 09:00 GMT. The report is seen as not only a measure of German economic health, but also of the other euro zone countries. With a predicted increase from last month's figures, the EUR may get the incentive to push past the $1.50 mark.