The dollar has steadied in the last 24 hours as investors await news of a meeting of the Federal Reserve.

This morning the dollar was at 1.1923 to the euro and at 1.7671 against the pound.

Another rate rise by the Fed would herald the 13th consecutive increase, with the positive expectations shoring up the American currency.

A decision not to hike rates another quarter percentage point would be a major surprise, but the real focus of the statement by the Fed will be the bullishness of its language.

In the last minutes from the Fed many analysts felt they discerned a note of change in the report, hinting at a shift in policy down the line.

One area of focus is the use of the word "measured" - in previous minutes analysts have argued that this is an indicator of sustained adjustment when used in conjunction with the Fed's plan for rate rises.

If the word is ditched from the latest minutes many say it will signal an end in the short- to medium-term to the Fed's upward trajectory, although almost all analysts expect today's decision to yield another hike in the base rate.

Elsewhere, the UK will today see the release of November inflation data, which will have a marked bearing on the British monetary policy committee's own strategy for managing the interest rate.