Hey traders! I hope you are having an excellent week making sweet profits. The US dollar was yet again weak yesterday, when oil rose higher and Iran's missile test fire resurfaced geopolitical tensions, added by an attack on the US consulate in Turkey. David Powell, a currency strategist at Bank of America in New York said: "Geopolitical tensions are slightly weighing on the dollar, although, we haven't seen such big moves and we're still within trading ranges."

On the other hand, euro rose against the dollar and yen amidst comments by European Central Bank President Jean-Claude Trichet. Trichet justified that the increase in interest rates last week was appropriate and its focusing on inflation. HSBC Bank USA in a research note, said: "There is no mistaking the hawkish tone of his comments. While there is the very realistic chance that tighter ECB policy will weigh on growth in a manner that is unhelpful to the euro, that sequence of events could well take some time to play out, and interest rate dynamics could play the more dominant and euro-supportive role for much of this summer."

The euro gained 0.3 percent to $1.5714 and edged up 0.2 percent to 168.71 yen.

Cheers