Dollar gains ground on euro, UK pound on US productivity report

The dollar rose Wednesday against the euro and the British pound after a report showed U.S. workers' productivity hitting its fastest pace in four years.

Traders were also looking ahead to Thursday's interest rate decisions by the European Central Bank and Bank of England.

Analysts expect both banks are likely to keep their interest rates unchanged at 4 percent and 5.75 percent, respectively.

The 13-nation euro currency bought $1.4619 in afternoon New York trading, down from the $1.4766 it bought late Tuesday and well off its record high of $1.4966 set on Nov. 23.

The pound fell to $2.0256 in afternoon trading, down from the $2.0574 it …