The dollar edged back from a fresh two-decade high against the euro on Tuesday after data showed U.S. private sector activity was weaker than expected in August, prompting bets the Federal Reserve may be less aggressive in its rate hiking cycle.

Against a basket of six major currencies, the dollar index was down 0.376% at 108.58 at 3:30 p.m. Eastern time (1930 GMT). The index earlier touched 109.27, its strongest level since hitting a two-decade high in mid-July.

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