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[The US Dollar Continues to Under Pressure as Markets Await Signals of a Fed Rate Cut] 1. The US dollar hovered broadly at low levels on Tuesday, nearing a two-and-a-half-month low against the euro and a ten-month low against the Australian dollar. Market expectations that the Federal Reserve will soon begin a cycle of rate cuts and continue easing policy continued to suppress the dollar. Meanwhile, the dollar also hovered at a recent low against the British pound after US President Trump again called for the Fed to implement "aggressive" monetary easing measures. 2. The market generally expects the Federal Reserve to cut interest rates by at least 25 basis points at its meeting on Wednesday, with a larger 50 basis point cut less likely. It is estimated that the cumulative rate cuts could reach 67 basis points by the end of the year, and 81 basis points by the end of January. On Monday, Trump pressured the Fed via social media, demanding "deeper" rate cuts and optimistically predicting a real estate market rally. 3. Recent weak labor market data has been a major driver of rising expectations for rate cuts. This trend not only depressed the dollar and US Treasury yields but also boosted US stocks, with all three major Wall Street indexes reaching record highs on Monday. Chris Weston, head of research at Pepperstone, said, "There is a growing consensus that the Fed's policy is lagging and that it needs to accelerate the pace of interest rate cuts to a neutral level." The market consensus is trending towards the Fed cutting interest rates in September, October, December, and even January next year. 4. In terms of major currency pairs, EUR/USD held steady at 1.1759 in early Asian trading, close to the highest level since July reached last week; GBP/USD was at 1.3599, maintaining near its recent high; AUD/USD was slightly below the peak since November set yesterday, currently at 0.6666; USD/JPY was basically flat at 147.44.