Dollar Sags Near Multi-Year Lows as Fed Rate Cut Looms

Muscat: The U.S. dollar today hovered near multi-year lows against major currencies, with traders anticipating an almost certain interest rate cut from the Federal Reserve later in the day. The euro held firm at $1.1858, lingering just below a four-year peak of $1.18785 reached the previous session. Similarly, the British pound was steady at $1.3649, trading close to its highest level in two-and-a-half months. According to Oman News Agency, the broad weakness was reflected in the dollar index, which measures the greenback against a basket of six peer currencies. The index languished at 96.686, near its lowest point since early July, as markets positioned for a more dovish U.S. monetary policy stance.