The dollar fell as markets saw a higher probability of a 50 basis point cut this week rather than a 25 basis point cut. LSEG Refinitiv data shows that the market now believes the probability of a 50 basis point cut by the Federal Reserve is close to 70%. Ipek Ozkardeskaya, analyst at Swissquote Bank, said in a note: "I remain convinced that a 25 basis point cut would be the best option given the current economic data is not worrisome. However, the Fed may want to avoid market disappointment with a 25 basis point cut, which some Democrats have added to the fire by calling for a 75 basis point cut."