FXstreet.com (Barcelona) - The Euro and British pound both ended Monday up against the ultra-weak US dollar and Japanese yen, but their performances were mixed against riskier currencies.

Indeed, the commodity dollars were easily the biggest winners in light of the surge in risk appetite, as the Aussie, Kiwi, and Loonie all gained versus the euro and British pound.

However, between the euro and British pound, the latter was the stronger of the two, said Terri Belkas, analyst at FXCM.

When looking to historical data, the British pound experienced significantly more severe declines against the safe-haven currencies between July 2008 and early 2009 than the euro did, and as a result, the UK's national currency will be prone to greater gains during times when carry trades are rallying.