Global financial services firm Ebury said it expected the Federal Reserve to cut interest rates by 25 basis points later, and hinted that further cuts would be gradual, which would provide some short-term support for the dollar. "A 50 basis point cut does not appear to be coming, and we do not believe the FOMC will be ready to fully support market pricing of interest rates," Matthew Ryan, market strategist at Ebury, said in a note. Futures pricing for a 115 basis point cut this year appears excessive, he said. The Fed could cut rates by 25 basis points three times in September, November and December, he said.