The euro has recently made an upward movement against many of its currency rivals, except for the US dollar and Japanese yen. The 16-nation single currency gained over 130 pips against the British pound, and is currently trading at 0.8181. Against the Aussie, the EUR is up from a recent low of 1.4140, presently trading at 1.4230.

While the euro appears to have made some solid gains this morning, many analysts do not expect the momentum to hold. Sentiment in the euro zone has taken a dive from recent estimates showing an expected stall in regional and global growth. These pessimistic reports have begun to weigh on the euro, and this morning's gains should be understood in that context.

Today's news cycle appears to have only two important economic events emanating from the euro zone. The first is an industrial orders figure, which is expected to highlight the stall in economic growth with a weak reading. The second is a business sentiment report from Belgium which is also predicted to present a negative reading. This news only highlights the recent weakness of the EUR and potential for a reversal of recently earned gains.