Sterling hit its highest level against the dollar in nearly three months, and the euro posted significant gains against the dollar. These gains followed concerns that US interest rates might be close to a peak. Also, oil hit a record $74 a barrel following fears that Iran's intensifying dispute with the West may hit oil supplies after US gasoline stocks dropped.

GBP
Gains in the sterling were largely driven by a falling dollar. The UK consumer prices data for last month are to be released and economists expect the headline inflation to remain at the BoE two per cent target.

USD
The core CPI, a measure of retail-level inflation that excludes food and energy prices, increased 0.3 per cent last month. Overall, consumer prices rose 0.4 per cent in March, led by higher energy prices, primarily due to rising oil prices.

EUR
The euro hit its highest level against the dollar since September last year as traders went with a broader trend of dollar weakness on the view the Fed is nearing the end of its tightening cycle.

JPY
The yen dropped against more than a dozen major currencies despite Japan's solid economic expansion. The recent emergence from deflation has also stirred expectations the BoJ will start raising rates from zero for the first time in six years.