US dollar extends gains against euro as European currency weakens

The US dollar extended its gains against the euro on Tuesday, supported by robust US economic indicators and rising interest rates, while the European currency continued to weaken amid ongoing concerns over energy and debt crises.

The euro fell to $1.1312, its lowest level since May 2023, according to financial market data.

Meanwhile, investors are awaiting upcoming US inflation and employment data in the coming days, as these figures are expected to directly influence currency market trends.

The euro's decline comes as the eurozone faces economic challenges, most notably the energy crisis and rising debt levels in some member states.