May 21 Reuters The dollar struggled for direction on Tuesday as investors stuck to their views of the expected timing of Federal Reserve monetary easing this year.

Cryptocurrencies rallied, led by a surge in ether on good risk appetite and growing anticipation of an impending approval of spot ether exchangetraded funds ETFs by the U.S. Securities and Exchange Commission SEC.

The euro edged 0.06 higher to 1.0860.

Investors expect Thursday39;s data from the European Central Bank negotiated wage tracker and euro zone Purchasing Managers39; Index PMI to provide further clues about the monetary cycle in the euro area.

Meanwhile, with little on the U.S. economic data calendar this week to guide the direction of the dollar, investors39; focus is turning to a slew of Fed speakers.

Several officials on Monday called for continued policy caution, even after data last week showed an easing in consumer price pressures in April.

Money markets priced in 42 bps of Fed rate cuts in 2024 implying one 25 bps reduction and a 68 chance of a second move by December from fully pricing two cuts before recent hawkish comments from central bank officials.

Some analysts highlighted that Atlanta Fed President Raphael Bostic made dollarpositive remarks when he cautioned that the Fed39;s benchmark rate would likely end up at a higher steady rate than in the past decade.

With few data releases of note, the dollar39;s rebound will have to wait for a more extensive washout of long positioning,…