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EUR/USD

The euro traded solidly higher against the U.S. dollar Monday, as hopes that Spain is moving closer to requesting a bailout, following regional elections over the weekend, lifted risk sentiment for the single currency. Risk sentiment found support after Spanish regional election results indicated support for the austerity policies of Prime Minister Mariano Rajoy. The center-right Popular Party of Prime Minister Rajoy increased its majority in his home region of Galicia on Sunday, removing a possible obstacle to formally requesting a bailout from Spain’s euro zone partners. A bailout request by Spain would activate the European Central Bank’s bond purchasing scheme, aimed at lowering high peripheral bond yields in the euro zone.

GBP/USD

The pound rose for the first time in three days against the dollar after an industry report showed the number of U.K. business insolvencies slid in September, boosting optimism the economic recovery is strengthening. Government bonds fell, pushing 10-year yields toward the highest in a month. The U.K. exited a recession in the third quarter, with gross domestic product increasing 0.6 percent from the previous three months; data due for release on Oct. 25 will show. Retail sales rose more than analysts estimated in September, a report last week showed. The pound appreciated 0.1 percent to $1.6027 at 4:25 p.m. London time, after declining 0.4 percent last week. Insolvencies fell 3.1 percent from a year earlier to 1,679 companies, affecting 0.08 percent of all businesses, data from Dublin-based Experian Plc showed. Bankruptcies at U.K. companies with 26 to 50 employees fell 16 percent to 92 firms.

USD/JPY

The U.S. dollar was higher against the yen on Monday, lifted by talk of more easing by the Bank of Japan, but the greenback was lower against the euro, amid hopes that Spain is moving closer to requesting a bailout from its euro zone partners. The yen remained broadly weaker after poor Japanese trade data earlier Monday fuelled expectations for more monetary easing by the Bank of Japan later this month. Japan posted a JPY558.6 billion trade deficit in September, as exports fell 10.3% from the same month last year, the biggest drop since May 2011, two months after Japan’s earthquake disaster.

USD/CAD

The Canadian dollar touched the lowest level against its U.S. counterpart in more than 10 weeks amid speculation the Bank of Canada will put less emphasis at a policy meeting today on raising interest rates. The loonie, as the currency is nicknamed for the image of an aquatic bird on the C$1 coin, fell versus a majority of its most-traded peers. Central-bank Governor Mark Carney suggested in an Oct. 15 speech that today’s economic forecast will reflect a slow global recovery. Canada rejected on Oct. 19 a C$5.2 billion ($5.23 billion) bid by Petroliam Nasional Bhd. For Calgary-based Progress Energy Resources Corp. Canada’s currency gained 0.1 percent to 99.22 cents per U.S. dollar at 5 p.m. in Toronto. The loonie touched 99.65 cents earlier, its weakest level since Aug. 10.

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