The euro has fallen to a one-year low against the dollar as Europe's single currency remains under pressure ahead of this week's policy meeting of the European Central Bank.

In early trading Tuesday, the euro fell to $1.3115, its lowest level since the $1.3103 it struck on Sept. 6, 2013.

The bank, which oversees monetary policy for the 18 European Union countries that use the euro, is under pressure to announce more monetary stimulus following its meeting on Thursday to boost the ailing eurozone economy.

The prospect of more euros being created as part of any such program has been one of the main reasons why the currency has been in retreat for the past few months. In early summer, the currency was knocking on the $1.40 door.