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EUR/USD and GBP/USD have moved lower over the last 10 days, while the USD is really starting to accelerate vs defensive currencies such as the Swiss Franc and the Yen. We would still expect some quite of retracement down for the Dollar during May. It may be quite weak vs JPY and CHF. On the other hand, EUR and GBP may attempt to retest their highs. As a result, cross rates, EUR/JPY, EUR/CHF, GBP/JPY, GBP/CHF should remain strong, probably into June, Jean-Francois Owczarczak, Director, Management Joint Trust and



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