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Jean-Claude Trichet, president of the ECB, suggested that interest rates in the eurozone will remain static after saying that the next important meeting of the bank will be next month.
Lutz Karpowitz, a currency strategist at Commerzbank, commented: "If Trichet's statement raises expectations of a cut bigger than 25 basis points in March then this could put pressure on euro/dollar.
"Any more news of trouble in eastern Europe could also depress the currency."
Meanwhile, economists are predicting that the Bank of England's monetary policy committee will cut interest rates to a record low of one per cent.
If they are correct, then interest rates will be at the lowest level since the bank was established in 1694.
