New York manufacturing report helps USD

The US dollar was helped out on Tuesday by reports from the New York Federal Reserve that manufacturing in the region expanded in April and from the Labor Department that showed wholesale prices up 1.1 percent in March.

On the other hand, a spike of crude oil prices to a new record above $113 per barrel made the dollar give back some of its gains versus the euro.

In morning trade in New York, the dollar traded at $1.5802 to the euro while it took ¥101.3800 to buy a dollar.

The pound touched a new low versus the euro at 80.64p after the Royal Institution of Chartered Surveyors reported that more agents and surveyors reporting a drop in house prices than reported gains was higher in March than in February, causing more expectations that there are more interest rate cuts to come from the Bank of England.

At almost 11 a.m. in New York, the pound was trading at 80.46p to the euro while it cost $1.9640 to buy a pound.

Higher crude oil prices took the Canadian dollar to a gain versus the US dollar, to C$1.0182 to the dollar at nearly 11 a.m. in New York.

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