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During European afternoon trade, the greenback was sharply lower against the euro, with EUR/USD gaining 0.79% to hit 1.4395.
The single currency shrugged off official data showing that consumer price inflation in the euro zone declined unexpectedly in May.
The greenback was also lower against the pound, with GBP/USD rising 0.15% to hit 1.6499.
Meanwhile, the greenback was up against the yen and the Swiss franc with USD/JPY surging 0.76% to hit 81.55 and USD/CHF easing up 0.09% to hit 0.8527.
The yen weakened broadly after Moody’s Investor Services said earlier that it was placing Japan's Aa2 sovereign debt rating under review, pending a possible downgrade.
Meanwhile, the greenback was lower against its Canadian and New Zealand counterparts, but higher against its Australian cousin, with USD/CAD shedding 0.47% to hit 0.9722, NZD/USD climbing 0.66% to hit 0.8217 and AUD/USD sliding 0.34% to hit 1.0653.
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Elsewhere, separate reports showed that Australia’s current account deficit widened in the first quarter and home building approvals fell last month.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.43%.
Later Tuesday, the U.S. was to publish industry data on house price inflation and consumer confidence, as well as an index of manufacturing activity in the Chicago area.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.