Dollar Dives on 70% Fed Pause Odds

The US dollar has slipped to its lowest level since June as investors bet on a 70% chance of a pause in interest rate hikes by the Federal Reserve.

Cooling economic data, including recent reports on inflation, consumer spending, and manufacturing, have all pointed to a gradual cooling of the U.S. economy.

The Consumer Price Index (CPI) rose less than forecast in the latest reading, while retail sales showed a modest uptick, missing analyst expectations.