The dollar was on the back foot Tuesday, hovering near nine-month lows against the euro.

(Reuters)

[Financial Channel/Comprehensive Report] On Tuesday (24th), the U.S. dollar was in a negative position, hovering near a nine-month low against the euro, and pared recent gains against the yen, mainly because traders continued to assess the risk of a U.S. recession and the U.S. dollar. The Fed's rate hike policy.

On Monday, European Central Bank officials said they would tighten policy aggressively, boosting the European single currency.

The U.S. dollar index , which measures the greenback against a basket of six currencies including the euro and yen, fell 0.09% to 101.92.

The euro was up 0.08 percent at $1.0879, near Monday's highest since April of $1.0927.

National Australia Bank's head of foreign exchange strategy said he expected the dollar index to fall to 100 by the end of March and the euro to rise to $1.10.

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Money market traders see only two more quarter-point hikes by June, to a peak of around 5%, and another quarter-point cut by the end of the year.

The Fed itself has insisted that a further 75 basis points of tightening is likely.

Elsewhere, the dollar was down 0.36% against the yen at 130.19, retreating after two straight sessions of strong gains.

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