Market expectations... for a pause in interest rate rises have retreated.

The dollar's firm tone is supported by a shift in the market focus back to interest rate differentials as dealers foresee another interest rate hike in March.

We attribute the movements to renewed interest in the group following a summer of doldrums and higher expectations for the gold price. We look to higher gold prices and stronger valuations associated with higher volatility.

There has been a shift this week towards expectations of another U.S. interest rate rise in March -- the interest rate differential is there and it is helping the dollar.

The euro is becoming firmer, supported by a better economic outlook and expectations of further interest-rate increases by the ECB.

The gains have got more to do with the interest-rate cycle and expectations that it's very near to the peak. Property will be the obvious beneficiary.