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.

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.

The US dollar index is higher today, gaining ground as the greenback shows improvement against the euro. Even though the dollar is lower against some currencies, the greenback is showing overall strength, and that is pushing commodities like gold lower.

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.

Euro is struggling today, changing between gains and losses against the US dollar, and finding it difficult to gain solid traction against other major currencies. Worries about recession continue to weigh on the 17-nation currency.

Euro is lower against the US dollar today, dropping below the 1.3000 level for the first time in about two weeks. There isn’t a clear reason for the drop to take place right now, but there is speculation that general dollar strength is the main driver.

Japanese yen is mostly weaker today, dropping as the prospects of long-term weakness weigh on the Asian currency. With a plan in place to boost the monetary base, and with no one in the G-20 trying to rein in Japan, it looks as there is a clear field for yen weakness.

Risk appetite, prompted by China’s trade surplus, is helping high beta currencies against the US dollar today. Greenback is down almost across the board as the situation for the global economy is expected to improve, and as risk assets fare in demand.

Japanese yen is gaining ground today, thanks to the latest comments from Japan’s Finance Minister. Some Forex traders now believe that the recent yen weakness was overdone, and that some strength is in order. As a result, yen is gaining against many of its major counterparts.

UK pound is getting a boost today, thanks to the latest economic data. Indications that the economy grew, rather than contracted, are helping the pound, as it might mean an end is in sight for the current quantitative easing program.