I think the dollar is set to move up. There is plenty of data this week that could allow the dollar to extend its modest gains versus the euro, while it also reaches a four-year high againts the yen. If you remember last week, the yen fell after the Bank of Japan left interest rates on hold at a superlow .5%. Personally I think the euro has topped out for now. The US economic reports this week are limited to the second-tier dataon durable goods orders and a pair of housing indicators, which I don't think will shift the market. The dollar has recovered 1.4% againts the euro. The dollar's gains come as investors start changing their views that favored a rise in euro-zone interest rates throughout the year.
Its my opinion that the market just does not seem that optimistic about Europe's growht outlooks.
