In today’s trading, the dollar is weak against the euro and the pound, with the U.S. currency declining sharply against the yen.

As of 9:05 Moscow time $1.0075 was given for the euro against $1.0081 at the close of the session on Wednesday, the euro is losing about 0.06%.

The pound sterling was worth $1.1620 at the same time, compared to $1.1625 at the close of the previous session.

The dollar exchange rate against the Japanese currency fell 0.74% to 145.28 yen by 9:05 Moscow time compared to 146.37 yen the previous day. Earlier this month, the yen fell to its lowest since 1990.

The ICE-calculated index, which shows the performance of the U.S. dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down about 0.1%. The indicator has fallen 2% over the past two sessions and has slipped to its lowest level in a month.

The main reason for the dollar’s fall this week was expectations that the Federal Reserve may slow the pace of key rate hikes as inflation and problems in the U.S. economy weaken, Trading Economics wrote.

Analysts on average expect the Federal Reserve to raise the rate by 75 basis points in November, while in December they forecast a 50 bps hike.

Market participants are also waiting for the results of the meetings of the European Central Bank and the Bank of Japan, which will end this week.

The ECB is expected to raise key interest rates again today by 75 bps. The European Central Bank is limited in its ability to refrain from raising interest rates significantly in the near term as eurozone consumer price growth has yet to likely peak, BlueBay Asset Management Chief Investment Officer Mark Dowding told Dow Jones.

Meanwhile, the Bank of Japan is unlikely to change the key parameters of its monetary policy tomorrow.