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

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The U.S. dollar is near its lowest in over a year against a basket of currencies; sterling is just off multi-year highs; markets are focused on potential U.S. interest rate cuts next month; investors expect a 25-basis point cut, with a 36% chance of a 50-basis point cut; the dollar index is at 100.61, above a 13-month low of 100.51; the dollar has fallen 3.4% this month, its largest decline since November 2022; sterling slightly down at $1.32585 after hitting $1.3269; euro at $1.117825; yen at 144.225 per dollar; bitcoin dropped over 6% to $59,137.00; U.S. GDP estimate and PCE index due later this week.

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