"Expectations of higher US interest rates have delayed the weakening of the US dollar. However, the heavy reliance on foreign portfolio inflows, and a seemingly reduced willingness from foreign central banks to invest in US assets, means that the US dollar weakness is likely to resume in the coming months." - Claudio Piron, Head of FX Strategy, Standard Chartered*

The strength of the Japanese Yen is expected to continue and drag Asian currencies with it, although the risks of a near term Chinese Yuan revaluation are fading. European currencies are still expected to rise further before peaking some time in the second half of the year.

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* Standard Chartered FX Strategy team has repeatedly outperformed the vast majority of its rivals in the FX forecasting performance the past two years (source: Bloomberg Surveys).