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It’s very much a case of hopes for the future against the reality of the first quarter of this year which is going to still prove to be fairly troubled, for now at least, the optimism that we’re hoping for has been somewhat delayed and that has taken a little bit of steam out of the euro and just put a little bit of support back in the dollar but ultimately I think it is still a case of those high-beta commodity currencies, reflation currencies, will continue to perform well.

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