Euro Rises On Dollar to $1.3706

The euro rose against the dollar Tuesday as investors awaited a decision on interest rates at the U.S. Federal Reserve's last meeting of the year.

The 15-nation euro rose to $1.3706 in European morning trading, up from $1.3665 in late New York trading Monday.

The Fed is expected to cut a key interest rate -- perhaps to an all-time low -- in a desperate bid to stem the U.S's economic slide.

With the Fed's key rate dropping ever closer to zero, the central bank is moving into uncharted territory.

Nonetheless, Fed Chairman Ben Bernanke has made it clear the Fed isn't running out of ammunition to fight the worst financial crisis since the 1930s. It is exploring tools other than rate cuts to revive the economy. New insights on that front could be revealed when Bernanke and his colleagues wrap up a two-day meeting Tuesday.

"The greenback remains under pressure ahead of tonight's (Fed) rate verdict with speculation that something more aggressive than a 50 basis point cut will be seen heaping pressure onto the currency, although just how sustainable this attack will be isn't without question," James Hughes, a currency analyst at CMC Markets in London said.

"The harsh reality is that any perceived dollar weakness can't really be offset by switching into another currency as the likes of the euro and pound are both struggling too whilst the treat of stagnation in Japan is also leaving the yen as a rather poor alternative."

In other trading, the British pound rose to $1.5277 Tuesday from $1.5253, while the dollar fell to 90.32 from 90.60 Japanese yen late Monday in New York.

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