Currencies hold tight ranges as market awaits more U.S. rate cues

- The U.S. dollar held near its lowest in more than a year against a basket of peers on Wednesday, with sterling trading just off multi-year highs, as markets focussed on clues to the size of a widely expected U.S. interest rate cut next month.

Investors are unanimous in bets that the Federal Reserve will begin cutting interest rates next month following Chair Jerome Powell's dovish tilt last week, with the debate now centred on whether or not it will be a super-sized 50-basis point cut. For the month, the dollar has fallen 3.4%, putting it on track for its biggest monthly decline since November 2022.

The euro slid 0.05% to $1.117825 and was sitting not far from a 13-month peak touched at the top of the week.

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Canadian Dollar followed market flows on ThursdayThe Canadian Dollar (CAD) followed behind overall market flows on Thursday, pushed around by volumes in other, more interesting currencies as CAD traders await Friday’s Canadian labor numbers.
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