Dollar steady, euro soft as traders wager rate cuts to begin in Q1

The dollar held near a two-week high as markets bet on the European Central Bank cutting interest rates. The euro weakened against the dollar, pound, yen, and Swiss franc. The market view of early rate cuts was supported by comments from ECB's Schnabel. The ECB is expected to cut rates in March and the Federal Reserve and Bank of England are likely to hold rates steady. Investors have been reassessing US rate cuts next year, lifting the dollar's value. Moody's cut China's credit outlook, causing the offshore Chinese yuan to rise.

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