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After seeing a bit of a pullback on S&P’s downgrading of Ireland’s sovereign debt, the euro is seeing some gains in forex trading. The euro is up against the U.S. dollar in currency trading.

One of the main helps to the euro has come from the better than expected German Ifo data. Concerns about Ireland’s debt have been relegated to the back burner as forex traders contemplate the strength of the largest euro zone economy.

There are still concerns about the euro zone economy, though. However, with Germany looking ready to lead the rest of the EU in economic growth, some are hoping that the stronger euro zone economy means that the euro will remain stronger against the U.S. dollar.

The euro is pulling back in forex trading on the currency market today as concerns about the economy become uppermost. Euro has been falling against the U.S. dollar due to profit taking after its good run earlier this week, but some of the concern is also waning risk appetite.

Concerns about economic recovery are asserting themselves as retail sales miss the mark, and as concerns about second quarter GDP mount.

EUR/USD is still above the 1.30 level on the currency market, but it remains to be seen how long the currency pair can retain its position.

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The U.K. pound is rallying today in forex trading on the currency market. An improving picture in the British economy is helping give the sterling a boost in currency trading.

Britain saw a lower claimant count than expected, indicating that the jobs situation could be improving. Indeed, employment for the three months leading up through May saw a good pace.

GFT’s Boris Schlossberg reports in FX360 on the possibilities for the sterling in currency trading:

While we believe any expectations of monetary tightening by the BOE are much too premature, today’s positive labor market results should prove constructive to sterling longs and the pair will likely target 1.5300 later in the day if risk appetite remains supportive into the North American session.

The euro is not seeing the same success today, though, as it struggles against the return of some risk aversion to the currency market.

The euro is seeing gains in forex trading today, as risk appetite makes a small appearance. Yesterday, risk aversion was the story, but it appears that forex traders are ready for a little bit of risk today.

The euro got a little help from higher stocks in Europe. However, stocks have been volatile since the news that U.S. employment numbers are again disappointing. The U.S. stock market has moved higher, but investors are cautious, and this is limiting gains for the euro. Additionally, many are waiting to see how things go with the ECB tender offer.

While the euro is presently higher against the U.S. dollar, it is not known how long this state of affairs can last. If risk aversion once again returns, the euro is unlikely to be able to hold on to any of its gains. The euro is also a little higher against the U.K. pound.