FRANKFURT (AP) -- The euro rose against the dollar Wednesday as investors looked ahead to central bank meetings and expected the European Central Bank to leave its main interest rate unchanged at 1 percent.

The 16-nation euro bought $1.4745 in European morning trade, up from $1.4702 late Wednesday in New York.

The British pound rose to buy $1.6470 compared with $1.6402, while the dollar was slightly higher at 90.45 Japanese yen from 90.32 late Wednesday in New York.

The Bank of England and European Central Bank meet later this week. Economists expect the ECB to hold its key interest rate at 1 percent. The Federal Reserve is expected to leave interest rates at their rock-bottom range near zero on Wednesday.

Higher interest rates can support the euro as investors move funds to that currency where they can earn better returns than in the pound or dollar.

"The market is fairly well positioned for the Fed to reiterate its commitment to keep rates low for an 'extended period' and therefore price action will be muted in this scenario despite what some are speculating at the fringes," Calyon Credit Agricole analysts said in a Wednesday research note.