The EUR remained in bullish trading patterns against most of its rivals at the start of this week. The surge into riskier assets has pushed commodity prices higher, driving the USD lower and European currencies to key resistance levels. The EUR/USD currently trades around the 1.3830 level, up slightly since Friday; the EUR/GBP, on the other hand, fell to 0.8485 from Friday's high of 0.8592.
Fiscal concerns continue to plague Europe and, despite forecasts for a sluggish economic recovery in the US, the euro zone remains categorized as a relatively safer investment for many at this time. As such, the EUR continues to trade higher, but recent signals have indicated that risk aversion may be on the rise. This week's NFP report seems to be carrying a stronger-than-usual impact in currency speculation.
The euro zone will be undergoing a relatively intense session on today's economic calendar, with Britain and Europe publishing a long list of indicators throughout the day. It appears likely that at least a few of the major pairs will see sharp movements today and tomorrow, given that this week will experience very significant data releases practically every day, climaxing with Friday's NFP.