Risk aversion sets in as unemployment hits 10%The U.S. dollar is starting to pick up steam today in[B] forex trading [/B]on the currency market. The latest non-farm payroll data is in, and unemployment is at a high not seen since 1983. Indeed, the unemployment rate has finally reached 10%, and there are concerns about the economic recovery as a result.
This uncertainty is leading [B]forex traders[/B] to abandon the risk trade. While high beta currencies like the sterling and the [B]euro[/B] saw some consolidation earlier in forex trading, that is gone now. Instead the [B]U.S. dollar[/B] is becoming the investment of choice as a safe haven is sought.
It is also quite likely that the [B]U.S. stock market[/B], which saw the Dow close yesterday just above 10,000, is likely to open lower this morning.
[B]See Also[/B]
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[li]Looking for Trends on the Currency Market[/li]News and information for forex traders
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