Last week was devastating for the U.S economy, as the Non-farm Payrolls indicated that 17,000 jobs were shed in January, highlighting greater risk for recession in the United States, yet the Feds had cut their benchmark interest rates by a total of 1.25 percent in January to promote economic growth and avoid recession.

The start of this week is rather quiet, with lack of fundamentals except for the Producer Price Index from the Euro Zone, the Euro gained with the start of today's Asian session on rising stocks in Asia which encouraged carry traders into investing their money in higher yielding assets.

The Euro recorded a low of 1.4792 before rising gradually to set a high of 1.4841 and is settling now around the 1.4820s.

As for the Pound which declined heavily last week against the U.S Dollar, it started gaining back some of its previously acquired losses, the Pound recorded a low of 1.9626 in the early trading hours and started gaining afterwards to set a high of 1.9705.

Finally, the Japanese Yen started to decline since investors borrowed the Yen to invest their money in higher yielding assets, as the gaining stocks in Asia encouraged investors to indulge into carry trades, the USD/JPY pair recorded a low of 106.50 and rose afterwards to set a high of 106.76 in thin trading so far.