The dollar index, which measures the greenback against six counterparts, eased 0.15% to 108.47, but remained not far from its highest since September 2002 at 109.29, touched in mid-July.
Money markets have pared back expectations that the US central bank could tilt to a slower pace of rate hikes following a chorus of hawkish Fed commentary in recent weeks, and currently lay 60.5% odds on another super-sized 75 basis-point rate hike next month versus 39.5% probability of a half point increase.
“However there is a risk that the speech is deemed not hawkish enough and that we see some retracement in the USD.” The single currency has been hurt by growth concerns as the region faces an energy crisis, with investors on edge before Russia halts gas supplies through the main Nord Stream 1 pipeline for three days from Wednesday for unscheduled maintenance.
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