The major currencies moved comparatively little overnight, although there were positive markers surrounding the dollar amid news on the interest rate.

The dollar stood at 1.2011 to the euro this morning, while it was at 1.7679 to the pound.

Hovering around the two-month highs it has enjoyed against the euro, the dollar's momentum was based largely on commentary from Federal Reserve officials.

US Federal Reserve chairman Alan Greenspan and San Francisco Federal Reserve president Janet Yellen both intimated that the rate could yet rise further last night, with the US economy currently offering some solace for investors as UBS analyst Adam Myers explained.

"The US dollar is being held firm by short-term rate expectations and until there is some sign of visible weakness in the US housing market, or receding inflation expectations, then euro/dollar will likely remain under pressure," he told Marketwatch.

In the UK meanwhile, the pound was down after revised growth estimates for the year indicated a lower than expected rate of development.