The dollar has continued to hover around the same level after a strong period over the last three weeks.

This morning the dollar was at 1.7725 against sterling and stood at 1.2097 to the euro.

While the currency is not as strong as it has been in sessions earlier this month, the dollar steadied itself ahead of today's Federal Reserve meeting.

The session will mark the last interest rate meeting headed up by chairman Alan Greenspan.

The 79-year-old has been in charge at the Fed for almost 19 years and his departure has unsettled some investors.

However, no significant shifts in the currency took place, with most analysts awaiting the arrival and strategy of his successor Ben Bernanke.

Expectations are high that the Fed may decided to raise the interest rate again after improving economic data of late, although the decision is by no means a foregone conclusion experts say.