These are the reasons

Euro at its highest level in more than two months

On Tuesday, the euro built on the previous day's gains and reached its highest level in more than two months. Last night, the value of the common currency rose to 1.0916 US dollars. This is the highest rate since March 21. In the morning, the euro was trading at 1.0910 dollars.

The European Central Bank (ECB) had set the reference rate at 1.0842 (Friday: 1.0852) dollars on Monday. In New York, the euro was trading at 1.0898 dollars at around 9 p.m. on Monday.

Weak US economic data
The euro was supported by weak US economic data. The mood in US manufacturing companies surprisingly deteriorated in May, which increased speculation on the currency market that the Fed would cut interest rates. This put pressure on the dollar.

Over the course of the day, investors will continue to focus on US economic data. In the afternoon, data on incoming orders in US industry is expected, which could provide impetus on the currency market.

Tension ahead of the ECB's interest rate decision
Attention is also increasingly turning to the ECB's interest rate decision. It is generally expected that the central bank will cut key interest rates on Thursday.