The dollar has continued to face pressure from the euro today, but some analysts are confident of a more positive picture emerging in the coming weeks.

This afternoon the dollar stood at 1.8506 against the pound and was at 1.2689 to the euro.

This week's comments from President Jean-Claude Trichet at the European Central Bank (ECB) suggesting a rate rise was on the cards for the summer have fuelled the strength of the euro. Mr Trichet said the bank would be focussed on the movement in inflation, with many analysts interpreting this as a sign of hikes yet to come.

However, there is some confidence in the dollar as a result of employment data due out today which is expected to show further gains after an encouraging performance last month.

These wider indicators of economic strength and America's relative buoyancy have left some observers confident the greenback will recover, as Dresdner analyst Adrian Foster explained to Reuters.

"The macro picture in America is still sufficiently strong, so I don't see the real triggers for dollar downside as having fallen into place yet," he said.