The dollar steadied on Wednesday as stronger-than-expected U.S. retail sales had traders slightly trimming bets that the U.S. easing cycle will begin with an outsized interest rate cut.

The U.S. dollar has been sliding in the run-up to a widely expected interest-rate cut from the Federal Reserve on Wednesday and, depending on the size of the Fed’s move, it could end up weakening further — or it may be a buying opportunity.

The effect of a declining dollar is likely to be subdued, said economist Eswar Prasad, since other nations are seeing weak economic growth.