MILAN/NEW YORK >> The U.S. dollar weakened on Wednesday, erasing two days of gains, as investors trimmed positions in anticipation of an expected third consecutive interest rate cut of a quarter of a percentage point by the Federal Reserve.

Investors expect the policy-setting Federal Open Market Committee, including Chair Jerome Powell, to stay non-committal on further easing, citing persistent inflation risks and a lack of new and more relevant data to gauge the U.S. economy’s current health.

“The Fed has no other choice but to do a hawkish cut, which is what everybody’s expecting. We certainly had plenty of economic data – not the primary data though – that suggests the job market has slowed, that prices have stabilized and you’re not getting massive inflation,” said Eugene Epstein, he

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