Europe's currency has changed little against the dollar ahead of a report from Germany which is expected to show a rise in the country's business confidence levels.

The euro fell slightly over the past 24 hours from $1.3459 to $1.3446, also trading at 163.35 yen. Meanwhile, the dollar was worth 121.48 yen.

Losses in the dollar may not be extended as US reports due to be issued today may show that April home sales rose for a second month, while orders of durable goods could rise for a third month.

Danica Hampton, currency strategist at Bank of New Zealand, told Bloomberg: "Good numbers in Germany will continue to provide support for the euro."

A survey by Bloomberg showed that economists were forecasting Germany's Ifo Institute Index to rise to 108.8 - the highest point since records started to be taken in 1991.

Currencies could further be affected by economist forecasts that economic growth is set to strengthen in the second half of the year.