The dollar was eyeing a fourth monthly loss on Tuesday as investors reckon a peak in U.S. interest rates could swing into view as soon as this week's Federal Reserve meeting.
Currency trade was subdued in the lead up to Wednesday's Fed rate decision, and ahead of Bank of England and European Central Bank rate decisions on Thursday, though cautiousness across financial markets lifted the greenback a little bit overnight.
Sterling and the Australian, New Zealand and Canadian dollars also made overnight losses but are set for monthly gains. Interest-rate futures indicate market expectations for a 25 basis point hike from the Federal Reserve to take the Fed funds rate window to 4.5%-4.75%. Pricing suggests two more 25 bp hikes are expected, before cuts arrive later in the year.
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