The dollar fell to a three-month low as investors reduced their bets on a Federal Reserve rate hike.

The dollar fell to a three-month low after a series of weak U.S. economic data led investors to lower their expectations for further interest rate hikes by the Federal Reserve. The Bloomberg Dollar Spot Index fell for the third consecutive trading day, hitting its lowest level since May 15. The market now reflects a probability of a Fed rate hike next month that has fallen to one-third, down from around 75% at the end of July.