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According to Reuters, the dollar was boosted by investors "trimming bearish bets against it" regarding the forthcoming US Federal Reserve (Fed) stimulus announcement.
The news provider added that the pound - which was down to $1.5775 after it met a one-week high of $1.5897 yesterday - has risen against the dollar overall since September, due to broad selling of US currency after rumours whether there will be further quantitative easing (QE) or not.
Reports from the Wall Street Journal have revealed that the Fed is set to adopt a "measured approach" when making its decision.
This comes after the news provider noted that the chances of extra QE occurring have diminished following the UK's economic growth reading yesterday, which showed third quarter results that were stronger than expected.
Posted by Chris Weaver
