Dollar strengthened drastically near 10 month highs against a basket of major currencies on speculation about the Fed’s possible exit from their stimulus programme. The Fed chief said that the Fed could begin easing up on stimulus this summer and end it late this year.

Sterling rose against dollar on growing expectations that the Bank of England (BOE) will hold rates steady for next couple of months whereas European Central Bank (ECB) is likely to ease policy to support a recession hit economy.

The Antipodeans were knocked down after being battered by hint that the US Federal Reserve’s loose monetary policy could start coming to an end late in the year.

Commodity Markets:
Gold 1,380.66 /oz
Brent Spot 104.61 /barrel