The dollar was climbing against the pound for a fifth consecutive day on Wednesday (October 7th), bolstered by the Federal Reserve's proclamation that it would increase interest rates sooner rather than later.Ahead of the opening of European foreign exchange markets, the greenback was also making headway against the euro, with analysts deeming earlier falls to have been excessive.Toshiya Yamauchi, a Tokyo-based manager of the foreign exchange margin trading department at Ueda Harlow, told Bloomberg: "The Fed is showing signs to exit, which is positive for the dollar. It's clear the US economy has reached the bottom and is beginning to rebound."In yesterday's trading, the dollar was also looking to hold its own despite rallies in high-yielding currencies such as the Australian and New Zealand dollars.However, Reuters reports that the dollar faced pressure during the day after reports emerged that some oil-producing nations are diversifying foreign currency reserves.