The start of the European market session saw major currency trading begin to rise higher against the US dollar with all the focus now on US elections.
The dollar index, which measures the strength of the greenback dollar against a basket of major currencies, fell 0.3% to 93.71, down from a one-month high on Monday.
The depreciation of the US dollar has helped the euro to record an increase by trading around the price of 1.1670.
The pound also took advantage of the opportunity to rise despite being under constant pressure due to the implementation of new sanctions measures announced in the UK and the uncertainty of Brexit.
The Aussie dollar also rose higher even after the Reserve Bank of Australia (RBA) decision to lower interest rates to a low of 0.10% and boost its bond-buying program at today's policy meeting.
Other commodity currencies, the New Zealand dollar, and the Canadian dollar also strengthened against the US dollar by rising higher during the European session.
However, investors are wary of the upside shown by major currencies as it could change in the blink of an eye amid uncertainty over election results.
A recent poll shows Joe Biden is still ahead of President Donald Trump, but the gap between the two candidates is now narrowing with nearly 100 million Americans have cast their ballots.
