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After a week in which dismal U.S. economic numbers injected yet more uncertainty into the financial markets, it's Europe's turn to reveal how healthy or anaemic it is.

An impatiently awaited Federal Reserve meeting on Tuesday and quiet summer trading kept currency investors sidelined until the Fed makes its interest rate announcement in the coming week.

The Federal Reserve left U.S. interest rates on hold but cited potential downside risks to growth. This has led markets to believe it would cut rates if there were clear signs of economic weakness.

Sterling remains firm against dollar; yen gains strength

Military officials said that the preliminary buildup in the Gulf has been kept as low-key as possible to avoid alarming the international community and creating the impression that the Bush administration had prejudged the UN arms inspection process.

Analysis: Swiss franc steals the spotlight

The European Central Bank trimmed the eurozone's benchmark lending rate by half a per centage point to 2.75 per cent, to help revive borrowing and investment in the 12-nation bloc.

In probably the last real trading week of this year, currency markets experienced high levels of volatility, as the greenback suffered blow after blow and was beaten all ends up due to mounting concerns over the increasing possibility of a war with Iraq.

The U.S. military is poised to begin a rapid and visible buildup of forces in the Gulf early next month involving 50,000 combat forces, aircraft, armour and tens of thousands of reserves, senior defence officials said.