The sterling is continuing yesterday's rally on the spot forex market, heading higher as risk appetite makes an appearance. Indeed, the U.K. pound is getting some help from the fact that investors are feeling more confident about the state of the global economy and are getting ready for higher returns. 

Commodities are higher today, with gold prices and oil prices solidly higher. As a result, commodity currencies are gaining. The Canadian dollar and the down under currencies are doing well, along with the sterling.

Euro is also doing well in forex trading as investors begin to feel better about the state of the global economy, becoming more comfortable with the earnings they can get with high beta currencies.

Spread bets and CFDs on the sterling should consider that the pound is moving higher today. After showing some signs of life and recovery yesterday, the U.K. pound is heading higher again today, breaking through the 1.5110 level. 

Sterling is now looking for support in spot forex trading, looking for information that could help things improve. Economic optimism in Britain is growing, and that is helping things.

Also helping matters is the fact that the U.S. dollar is finding it difficult to sustain recent gains in light of job losses in the U.S.

Spread bets and CFDs on the euro in forex trading should consider that the euro has given up some of its earlier gains. The euro saw a rally on the spot forex market earlier today, thanks to better CPI data coming out of Germany.

However, issues in the euro zone are far from resolved right now, and even with the German CPI data, there are concerns about the euro zone. GFT's Kathy Lien explores some of the issues remaining in FX360:

Poor turnout at Italian elections and the possibility of further rate cuts in Hungary indicates that even though EU leaders have agreed to support Greece, many problems still exist in Europe. Hungary is not a member of the Eurozone but their economic troubles could be a representation of the problems that other Eurozone members are facing.

Clearly, there are still plenty of challenges to overcome. Even tepid U.S. data can't help the euro zone, since the U.S. dollar is still considered to be in a better place than the euro in forex trading right  now.