The dollar fell as markets increased the odds of the Federal Reserve cutting interest rates by 50 basis points this week instead of 25. LSEG Refinitiv data shows that the market currently assigns a probability of nearly 70% to a 50 basis point rate cut. Ipek Ozkardeskaya, an analyst at Swissquote Bank, said in a report: "I still strongly believe that a 25 basis point cut would be the best option as the current economic data isn’t alarming. However, the Fed might want to avoid a market disappointment from a 25 basis point cut, and some Democrats’ calls for a 75 basis point cut are adding fuel to the fire."