However, last week’s US Core Personal Consumption Expenditures (PCE) Price Index increased by 0.1% MoM in August, falling short of the expected 0.2% rise, aligning with the Federal Reserve's outlook that inflation is easing in the US economy. This reinforced the possibility of an aggressive rate-cutting cycle by the Fed.

The dollar was trading steady as investors look ahead to a speech from Federal Reserve Chair Jerome Powell later for clues on the central bank's next steps after it delivered a 50 basis points interest rate cut earlier this month.