The euro reached a two-week high against the dollar today, following reports that the European Central Bank (ECB) will raise the cost of borrowing in December.

This morning the euro stood at 1.181 to the dollar and at 1.456 against the pound.

ECB president Jean-Claude Trichet is expected to confirm plans for a rate rise this afternoon, when he speaks to the European Parliament Committee.

Recent oil price rises have contributed to the ECB's fear for inflation, prompting the proposed rise in interest rates.

The euro has lost its way against the dollar this year due to an increasing focus on interest rate developments between the euro and the US.

Meanwhile, in the UK a host of firms are reporting this week including Cranswick, Intercontinental Hotels, Signet, easyjet, and Johnson Matthey.

Anglo Irish Bank, Paragon, Bank of Ireland and Euromoney will also be reporting in the financial and business sector.