The US federal reserve will make a decision today on whether to continue its campaign of raising interest rates.

The uncertainty brought the dollar slightly down against major currencies - now standing a €0.77885, 115.12500 yen and at £0.52465.

The decision, expected at 17:15 GMT, is widely expected to see a pause in the interest rate rises seen over the last two years that now see rates standing at 5.25 per cent.

Economic figures which show a slight slowdown in growth are expected to be one of the deciding factors in the federal reserve's decision.

A Bloomberg poll of traders reveals a 79 per cent likelihood of a halt in the rate rises, although an increase is expected by the end of September.

The euro is also under pressure today as industrial production figures from Germany are expected to reveal a slowdown, reports Bloomberg.

In the UK, the Bank of England's interest rate rise is still holding up the pound, although investors will be keeping a keen eye on the bank's quarterly inflation report which is issued today.