A weary dollar hit a two-week low against the euro this morning and was trampled by a rallying pound. Focus will be on sterling in European trading hours later today, with a revised set of third-quarter Gross Domestic Product figures set to cross the wires.

Pound Sterling – UK Markets

The Pound is rallying at a strong pace against the dollar and is currently trading at USD1.66 and 1.10 versus the euro. A revision of UK Gross Domestic Product is expected to show that the economy shrank a bit less than was originally reported in the third quarter, down -0.3% from the three months to March.

US Dollar – US Markets

The dollar slipped against higher- yielding currencies and dropped to a two-week low against the euro as renewed signs the global economy is recovering encouraged investors to buy riskier assets.

US currency weakened beyond USD1.50 per euro after a Japanese report showed the nation's exports dropped at the slowest pace in a year as government spending worldwide boosted demand. The greenback is currently trading at 0.60 against the pound.

Euro – European Markets

Overnight the euro gained as much as 0.2% as stocks advanced in overnight trading. The single currency was boosted against the pound following a strong reading of German business sentiment yesterday and at present is trading at 0.901 EUR/GBP.

Other Currencies – Highlights

Australia's dollar perked up after Reserve Bank of Australia Deputy Governor Ric Battellino declared that the economy has entered a “new upswing,” which set the Aussie in gear to trade against the US dollar at 0.927.The Deputy Governors comments fanned speculation that the central bank will raise rates for a third consecutive month in December.