The month of May posted the biggest losses for the U.S. currency in a one-year period against the euro, as equities markets continue to rise on optimism about improvements in the global economic situation.

The dollar fell to the lowest level against the euro since early January as the S&P credit rating agency revised U.K. rating outlook and traders are afraid that the U.S. will be next.

The New Zealand dollar rose for the fourth straight day against its U.S. counterpart and advanced for the second day versus the Australian dollar today, assisted by the signs of the global recession’s easing.

The Canadian dollar advanced against both U.S. dollar and the euro for a second day today as the stock markets surged globally, while the oil price advanced close to $60 per barrel.

After a bearish previous week, the loonie reached a 6-month high against the dollar as national employers added jobs and optimistic data from the U.S. indicate that the recession may be easing.

The dollar has posted its third week of losses against the euro, mainly due improved world financial conditions, shrinking demand for refuge currencies.

The Aussie rose against the yen after a regional jobs report in Australia showed an increase in employment conditions and data.

The loonie weakened for the first time in six days as the crude oil price fell, making Canada’s currency to drop from a 6-month high.

The yen continued the bearish trend which started last week when positive economic news pushed the equities market up, decreasing demand for the low-yielding Japanese currency.

The loonie posted gains for 5 weeks in a row, on speculations that the global financial turmoil is easing, pushing commodity prices up.