After finished last week at a 4 year low against the Dollar and a 9 year low against the Yen, the EUR started this week on a more positive note, erasing some of its losses versus major counterparts. The EUR is currently trading at $1.1975 versus the USD and at 109.94 versus the Yen, recovering from a low of 108.08. The EUR received a modest boost to its rally by the release of better than expected German Factory Machines Orders which unexpectedly jumped in April.

Crude level rose more than $1 during today's Asian and European trading to currently trade at $71.45 a barrel from below $70 a barrel closing time Friday. Crude prices rose along with improved market sentiment that pushed up the EUR and Equity markets as well as other higher yielding currencies.