The dollar hit a three-month low on Tuesday and US Treasury yields slid as investors grew increasingly confident that the US Federal Reserve will start cutting interest rates by mid-2024.
The US currency dropped 0.5 per cent against a basket of six peers to trade at its lowest level since mid-August.
The decline accelerated after Christopher Waller, one of the Fed’s most hawkish policymakers, signalled that interest rates were unlikely to rise further and could be cut if inflation continued to slow.
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