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U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023.

The dollar steadied on Wednesday as stronger-than-expected U.S. retail sales had traders slightly trimming bets that the U.S. easing cycle will begin with an outsized interest rate cut.

The Federal Reserve is expected to make its first interest rate cut in more than four years at 1800 GMT, which will be followed by a news conference half an hour later.

The dollar has fallen along with U.S. yields since July and at $1.1119 per euro is not far from the year's low at $1.1201 as traders anticipate easing at a clip, with more than 100 basis points of rate cuts priced in by Christmas.

It briefly fell below 140 yen in a holiday-thinned Asia session on Monday but changed hands at 142.02 yen early on Wednesday as a big week for the currency pair culminates with central bank meetings in the U.S. and, on Friday, in Japan.

August retail sales rose 0.1% in the U.S., data showed overnight, against expectations for a 0.2% contraction.

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