Investing.com - The dollar fell to session lows against the euro on Tuesday after official data showed that German factory orders rose unexpectedly in March, easing concerns over the outlook for the euro zone’s largest economy. During European late morning trade, the dollar turned lower against the euro, with EUR/USD rising 0.27% to 1.3113. Germany factory orders jumped by a seasonally adjusted 2.2% in March, official data showed, compared to expectations for a 0.5% decline. Year-over-year, German factory orders fell 0.4% in March, better than forecasts for a 2.9% decline. But sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Monday that the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed. The comments came after the ECB cut rates to a record low 0.5% from 0.75% last week. The dollar pared losses against the yen, with USD/JPY dipping 0.03% to 99.28, up from session lows of 98.83. The dollar was slightly higher against the pound, with GBP/USD slipping 0.11% to 1.5524. The dollar pushed higher against the Swiss franc, with USD/CHF climbing 0.25% to 0.9406. The Swiss National Bank’s foreign currency reserves fell to CHF433.64 billion in April, data on Tuesday showed, down from 438.3 billion in March. The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD falling 0.73% to 1.0177, NZD/USD down 0.62% to 0.8458 and USD/CAD sliding 0.13% to 1.0054. The Australian dollar fell to two-month lows after the Reserve Bank of Australia cut interest rates to a record-low 2.75% from 3% and warned that the strong Australian dollar is creating a drag on economic growth. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.17% to 82.24.

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