On Monday the euro has shown some advancement, hovering near the $1.50 level in New York trading as demand for the greenback has been hurt by the comments from a Federal Reserve official.

Greenback’s gains reversed

The remarks helped in encouraging a broad rally in global stocks, oil, gold and higher-yielding currencies that reversed the greenback’s gains from late last week.

Position of Major Currencies

In New York on Monday morning, , according to EBS via CQG the euro was at $1.4988 from $1.4851 late Friday. It has been noted that the dollar was at Y88.80 from Y89.00, whereas the euro was at Y132.97 from Y132.26. The U.K. pound was at the position of $1.6621 from $1.6491. The dollar was at CHF1.0089 from CHF1.0183.

The Dollar Index

The Dollar Index, was at 75.024 from 75.647. This index tracks the greenback against a trade-weighted basket of six currencies.

Gold and oil prices become Higher

Overnight gold hit a fresh high record, while oil jumped to as far as $78.72. It has been indicated by futures that U.S. stocks are set to open higher. Better-than-expected economic data in Europe has also supported the euro.

Purchasing managers’ index data

In November purchasing managers’ index data from the euro zone has shown a rise to a two-year high, having the composite index including the manufacturing and services sector that has climbed to 53.7 from 53 in October.

Canadian dollar gains

Monday morning as the currency benefits from the overall weakness in the U.S. dollar the Canadian dollar is markedly higher. The U.S. dollar is trading at C$1.0557 from C$1.0704 late Friday.

Canadian retail sales rose 1%

An added boost has been secured by the Canadian unit from news Monday that Canadian retail sales rose 1% in September to C$34.9 billion (US$32.6 billion).

Higher equities and commodity prices

It has been said by the TD Securities that higher equities and commodity prices and the broad-based U.S. dollar selloff are all supporting the Canadian currency.

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