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.

The dollar was lower on Monday while the yen hit its highest level in more than a year, as market participants increasingly expected an oversized rate cut by the Federal Reserve later this week.