The U.S. dollar index fell to its lowest level in three months on Wednesday as traders added to bets that the Federal Reserve will lower borrowing costs at each of its remaining meetings this year.

The greenback’s slide has provided a tailwind for dollar-denominated commodities, with oil, copper and grains all drawing support from the currency move this week.

The yen and Swiss franc posted the sharpest gains against the dollar, while emerging-market currencies broadly firmed as capital flows rotated back toward higher-yielding assets.

Strategists said the dollar’s next leg will depend heavily on upcoming inflation data, with a soft reading likely to cement expectations for a September rate cut.