MARKET OVERVIEW - The Euro hits its lowest level against the US dollar in three weeks.

Foreks - The Euro has fallen to its lowest level in nearly three weeks against a strengthening dollar, following weak Eurozone Purchasing Managers' Index (PMI) surveys on Monday. Traders are adopting a cautious stance ahead of the Ifo German Business Climate survey at 12:00 GMT.

ING analyst Francesco Pesole noted in a report that the markets may not expect "anything significant" from the Ifo survey. However, should sentiment remain optimistic due to Germany's fiscal spending plans, there is room for a positive surprise that could lift the Euro. The Euro has dropped to $1.0777, marking a significant decline.