Doha: The US dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment. The dollar remained under pressure following Friday's US jobs report that showed cracks in the labour market, prompting traders to swiftly price in rate cuts next month. The US currency found its footing on Monday but was weaker in early trading on Tuesday. The euro bought last at $1.1579 while sterling stood at $1.3298. The dollar index, which measures the US currency against six other units, was at 98.688 after touching a one-week low earlier in the session.

According to Qatar News Agency, traders are now pricing in a 94.4% chance of the Fed cutting rates in its next meeting in September, compared to 63% a week earlier, CME FedWatch tool showed. Goldman Sachs expects the Fed to deliver three consecutive 25-based point cuts starting in September, with a 50-basis point move possible if the unemployment rate climbs further in the next report.