During Tuesday's trading session, the US Dollar depreciated 29 pips or 0.26% against the European Common Currency. Note, that the US Dollar also depreciated against the major currencies.
The reason for the fall was driven by the speech of the Chair of the Federal Reserve Jerome Powell. During the speech, Powell suggested that the US policymakers were ready to cut the interest rates to support the markets.
The Chair of the Fed said: "Perhaps it is time to retire the term "unconventional" when referring to tools that were used in the crisis. We know that tools like these are likely to be needed in some form in future ELB spells, which we hope will be rare. We now have a significant body of evidence regarding the effectiveness, costs, and risks of these tools, including those used by the FOMC and others tried elsewhere. Our plans must take advantage of this growing understanding as assessments are refined."