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Dollar reaches a six week high driven by optimism

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Overnight, Asian stocks were boosted by the rally in Chinese market; the Nikkei reached a 6-month peak. Wall Street closed mostly flat after a mixed session, however the dollar touched its highest point in six weeks mostly driven by optimism over US recovery.

The market is relatively quiet given the upcoming key macroeconomic data expected this week. The euro remains low against the dollar and approach the 1.3400 key level. USDJPY and NZDUSD were both quite volatile; the USDJPY continued its rally mostly driven by the rally in china while the Kiwi lost ground on prospect of lower earnings generated by their dairy products. USDJPY is heading to 102.05 while the NZDUSD is getting closer to 0.85.

Today the economic calendar is light the only key event will be the consumer confidence from the US due at 4.00 pm (CET).

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