RTTNews - The euro was little-moved versus the dollar and yen on Tuesday in New York as global stocks struggled to find direction, limiting risk appetite.

The euro was choppy against the dollar after giving back some of its overnight gains. The pair moved near 1.3600 after rising away from a nine-day low of 1.3422 earlier in the week.

The U.S. Commerce Department announced housing starts dropped 12.8 percent in April to an annual rate of 458,000 units. The result for March was revised to a rate of 525,000 units. Analysts had expected starts to rise to a pace of 540,000 units from the original rate of 510,000.

The common currency continued to fall against the British pound as traders bet the UK economy will recover faster than the Eurozone. The euro reached as low as 0.8763, matching the mark reached on May 6 at a 2 1/2-month low.

The Office for National Statistics reported an annual inflation of 2.3% in April in the UK, down from 2.9% in the previous month. The annual rate stood slightly below the expected level of 2.4% and reached the lowest since January 2008, when it was 2.2%.

The euro was stable against the Japanese yen after rising off of a three-week low yesterday. The pair moved near the 131.00 mark after dipping below 127.00 earlier in the week.

Tuesday, a revised report from Japan's Ministry of Economy, Trade and Industry revealed that industrial production rose 1.6% in March from the previous month, following a 9.4% decline in February. The ministry confirmed the initial estimate for March. Year-on-year, production plunged 34.2% in March.

In economic news in the Eurozone, the Eurostat said construction output in the 16-nation economy dropped a seasonally adjusted 1% month-on-month in March, after falling a revised 0.6% in February. On an annual basis, the construction output declined a working day adjusted 8.7% in March, compared to the 8.6% fall in the previous month.

European Central Bank Executive Board member Gertrude Tumpel-Gugerell said the bank had done everything possible with interest rates to boost the economy.

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