Daily currency report
Overview
The dollar was the biggest winner on the FX markets as many traders took the opportunity to sell the euro ahead of key US economic data out later, however it is expected to new lows against both the pound and the euro.
GBP
The sterling weakened after many traders breathed fresh life back into the dollar, as they covered short-dollar positions, reflecting frustration at the euros' inability to scale record highs against the US currency.
USD
The dollar reversed some of its recent losses, as traders sold the euro ahead of key US data out later. US Q1 GDP data will provide a better picture of the Fed's future policy path with regards to interest rates, and many analysts estimate Q1 GDP to show a growth of just 1.8 per cent, the slowest since late 2005.
EUR
The eurozone economy received a further boost after French consumer confidence rose to a seven-month high in April, giving further evidence that the eurozone economy is moving in the right direction.
JPY
The yen weakened against the euro after a larger than expected drop in Japan's core consumer prices reinforced expectations that the BoJ are in no hurry to raise interest rates again any time soon.