The euro gained this afternoon, as expected strengthening of the dollar in light of encouraging interest rate minutes failed to materialise.

The dollar stood at 1.2078 against the euro, while the single currency was at 1.4397 to the pound this afternoon.

Analysts said the movement appeared to come from growing speculation that the European Central Bank will hike rates in May, around the same time the US interest rate may hit its limit.

Societe Generale currency strategist Niels Christensen told Reuters that the dollar's lack of movement may also have helped boost the euro.

"People are disappointed that the dollar did not manage to gain more ground after the Fed meeting so sometimes the euro can gain ground more by default," he explained.

The Federal Reserve announced its 15th consecutive rate rise this week, as the interest rate was pushed to 4.75 per cent.

However, many observers think this cycle will some come to an end.