The US dollar suffered steep losses on Tuesday, with the Japanese yen on the back foot after a sharp rise in the previous session as traders contend with unwinding of popular carry trades and the prospect of deep rate cuts from the Federal Reserve.

The dollar index was steady at 102.87 points in early trading.

The yen was 1% lower on Tuesday at 145.78 per dollar in early trading. The yen was also lower against the Australian dollar, euro, and sterling.

The euro was steady at $1.095275, while the British pound rose slightly to $1.2789. The Australian dollar rose 0.45% to $0.6526 in early trading.

Source: Qatar News Agency