The dollar was little changed this afternoon after figures were released suggesting the US property market was on the rise.

This afternoon the dollar was at 1.7871 against the pound and stood at 1.2442  to the euro.

New data from the Commerce Department showed new home sales rose by 13. 8 per cent in March, topping 1.21 million.

This was markedly above analyst expectations and drew a positive response from analysts.

Credit Suisse First Boston currency specialist Lara Rhame told MarketWatch the data was "better than expected".

However, she explained the lack of a major shift in the currency was due to external factors outweighing the good news.

"The market already had very high expectations of US growth, so to a certain extent, the market was not very surprised by the strong data."

"The dollar strength is short-lived because many in the market feel the overriding concern is the current account deficit, not US growth."

Further data from the Federal Reserve was also expected out today, with analysts awaiting details on economic conditions from leading banks.