Forex traders at sites such as 4XP witnessed a week in which the British Pound Rallied Against The US Dollar and even in the wake of encouraging US job data the UK currency still managed to keep ahead of its Transatlantic counterpart.
As a growth of appetite for risk has returned to Forex markets across the globe the UK pound has been seen as a preferred currency. On Thursday the GBP/USD pair hit 1.5298, its highest price for two weeks. However, following the release of better than expected job figures the pair had fallen back to 1.5192 by the close of business on Friday but this was just a minor setback in a week which saw the pair rise by well over 200 pips from its rate at the start of trade on Monday, which was 1.4955.
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As forex traders fears start to dampen regarding the European debt level crisis, the Euro Recovered Against The Dollar And The Pound on Tuesday. Following an eight month low against the US dollar, the euro has seen a recovery as plans unfold to ensure that Greece and Portugal don’t default on their debt repayments. These developments have triggered a gradual recovery for the European single currency which means forex traders at companies such as Forex Place will be watching closely.
EU leaders are due to meet on Thursday to address the debt crisis being suffered in Greece and Portugal. News which has been boosted by the fact that European Central Bank president Jean-Claude Trichet will fly in from Australia to attend the meeting.
