The US dollar was little changed after hitting a 2-week high against the euro By Investing.com

The US dollar hit a two-week high against the euro as investors braced for a week full of key data, including the US payrolls report due on Friday.

At 18:40 EST (22:40 GMT), it was little changed at 1.1046, while it was down 0.1% at 145.31.

This jobs report is expected to have a major impact on the Federal Reserve’s decision due on September 18.

The anticipation of the wages data follows comments from Fed Chairman Jerome Powell last month signaling the start of interest rate cuts on concerns about a weakening labor market.

The likelihood of an interest rate cut at the Federal Reserve meeting is a focal point for investors. According to , there is a 63% chance of a 25 basis point decline and a 37% chance of a 50 basis point decline.

Overall, the market took a total of 100 basis points in cuts for the full year.

The euro fell 0.24% to $1.1043 against the dollar on Tuesday. It earlier touched a two-week low, falling to $1.1033 during the trading session.

Amid a broader sell-off in stocks and riskier currencies on Tuesday, the dollar, traditionally seen as a safe-haven asset, also appeared to gain from investors’ flight to safety.