The Dollar fell to a three-month low against major rivals on Tuesday before steadying.

The Dollar index, measuring the currency against six peers, stood at 103.2 at the time of writing, moving away from 103.15 reached in Asia trading, a low not seen since 31st August.

As it stands, the index is on course for a loss of over 3% this month, its worst performance in a year.

“Markets have been wanting to get ahead of the next big theme – monetary easing, better conditions for risk assets and a weaker Dollar – but as we’ve seen this morning, that’s starting to run out of steam,” said Simon Harvey, head of FX analysis at Monex Europe.

“Shorter-term, we’re keeping an eye on the general sentiment in markets – the big trade of this month has been long equities short Dollar – and then these psychological levels – the Euro has bumping against $1.0960 and each of its runs at that in the past week has been thwarted.”

Both the Euro and Pound were steady at the time of writing, with the single currency trading at $1.09495 and Sterling at $1.2627, around a three-month high for both, Reuters reports.

The Dollar has also received downward pressure from market expectations that the Fed’s rate hiking cycle has reached an end. US futures show around a 25% chance the Fed may start slashing rates as soon as March and rising to almost 45% by May, as per the CME FedWatch tool.

Elsewhere, the Japanese Yen was steady at 148.63 per Dollar, prolonging its recovery from almost 152 per Dollar earlier in November.

In Australia, the Dollar edged up closer to a four-month high of $0.6632, albeit briefly, whilst the New Zealand Dollar hit its highest level since 10th August at $0.6114 before moving down. The Reserve Bank of New Zealand is holding its monetary policy meeting on Wednesday and is forecast to hold rates at 5.50% for the fourth consecutive time.