Euro is paring some of its earlier losses, and even moving higher against the US dollar today, getting help from the latest German Ifo reading.

The Great Britain pound advanced today versus the US dollar after the second revision of GDP data confirmed that the nation’s economy emerged from recession. At the same time, the currency weakened against the euro and the Japanese yen.

The eurozone continues to show weak data readings, and many expect the recession in the eurozone to last through the rest of the year. However, even so, the euro is still gaining against the US dollar. Even with the current “risk off” environment, euro is heading higher.

After showing signs of mild recovery, the latest economic data out of the United Kingdom is proving disappointing. The result of the latest retail sales data is a lower pound, and speculation that things might not be turning around after all.

Euro is gaining ground today, heading higher as Ben Bernanke’s testimony to Congress gets under way. Expectations of loose monetary policy in the United States are helping the euro today.

Euro is gaining ground today against the US dollar, firming ahead of the upcoming EU meeting. Even though there are expectations that Cyprus will need more support, and the situation with the eurozone is still a long way from resolved, the euro is finding support today.

Hopes for the UK economy are driving the UK pound higher, especially against the US dollar, today. Rising home prices are providing optimism that the UK economy is improving, and that is reflected in sterling gains today.

Disagreement over the vision of the eurozone is starting to take its toll on the euro. Lack of unified leadership at a time of economic difficult and continued sovereign debt crisis is contributing to the euro hitting a six week low in earlier trading.

Euro is mixed today on the Forex market as an oil probe looking into price fixing continues. Recent US economic data is also being taken into consideration, since it demonstrates that maybe recovery is not on the way after all.

UK pound is gaining ground today, heading higher as the latest BOE economic outlook provides some hope for growth. Sterling is on the rise against most of its major counterparts due to the enthusiasm and expectations for the rest of the year.