WASHINGTON: A drop in German investor confidence hurt the euro on Tuesday, helping push the currency below the $1.37 level for the first time since late February.
The euro fell as low as $1.3687 before pulling back to $1.3701.
Investment sentiment in Germany fell to the lowest level for nearly 18 months in May amid concern that growth in Europe's top economy is set to lose momentum, a survey found.
The widely watched ZEW institute investor confidence index fell for the fifth straight month, losing 10.1 points to 33.1.
"Already there are indications that Germany will not be able to maintain this fast pace of growth," said ZEW president Clemens Fuest.
"Nevertheless, one can assume a positive underlying trend for the economic development for the year 2014.".
The dollar also picked up against the pound ahead of the Bank of England's release of its quarterly inflation report slated for Wednesday.
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