Tokyo: The US dollar held near multi-month lows against most major currencies on Tuesday as traders walked back expectations of near-term monetary tightening.

According to Qatar News Agency, the euro fetched $1.1581 in early Asian hours, not far from the two-month high of $1.1614 it touched on Monday. Sterling was at $1.3548, just shy of the three-month peak it touched in the previous session.

The Japanese yen was stuck just below the 160 level against the dollar, with the latest trading at 159.46 per US dollar. The Australian dollar firmed 0.11% to $0.71119, perched near its strongest level since early June, while the New Zealand dollar was at $0.590.