Earlier, several central banks announced coordinated action to keep US dollars cheaper. The move has prompted a gain in risk appetite that is helping the Canadian dollar today on the Forex market.

US dollar is down across the board on the latest move by the world’s major central banks to increase liquidity. In an effort to inject confidence in global markets, several central banks are coordinating efforts to make the US dollar cheaper.

The Brazilian real gained today despite the speculation that the central bank will be forced to cut the interest rates further as the global economic growth stalls.

The Hungarian forint fell today even though the nation’s central bank increased interest rates, prompting the speculation that more rate hikes will be performed in the future.

The Mexican peso advanced today as the nation’s central bank pledged to support the currency in case it would decline too much.

The positive sentiment is still present on markets, allowing the Canadian dollar to rise, reaching the highest level since September against the euro.

The US dollar index is dropping as optimism returns to the Forex market. High beta currencies are gaining as the Italian bond auction restores some equanimity to Forex traders.

The South African rand gained today as the positive mood prevailed on the Forex market, but later reversed its trend and currently almost erased its earlier gains.

Earlier, euro broke through the 1.3400 level against the US dollar. Optimism from the Italian bond auction helped the 17-nation currency, sending it surging. However, euro has been unable to maintain the rally.

The New Zealand dollar extended its gains today as the positive sentiment continues to reign the Forex market, bolstering the demand for the currencies linked to growth.