The U.S. dollar is higher today on risk aversion, ahead of non-farm payroll data. Yesterday's ADP employment data was disappointing, and today's unemployment numbers are expected to continue driving the rate toward 10%. 

In spot forex trading, it will be interesting to see how the greenback trades. GFT's Kathy Lien looks at how to trade the U.S. dollar using information from non-farm payroll data:

If non-farm payrolls fall by more than 500k, the dollar could sell-off initially but then quickly regain footing as risk aversion flows set in. If non-farm payrolls fall by less than 450k, the dollar could initially rally but then give back its gains as risk appetite improves. Anything in between could lead to erratic trading.

Spread betting and contracts for differences on commodities should consider that oil prices are falling this morning. U.S. crude is dropping toward $68 a barrel after settling below $70 yesterday. Indeed, with U.S. stock futures lower, economic data showing negativity and other concerns, it is little surprise that oil prices are heading downward. CNN Money reports on oil prices in commodities trading:

U.S. crude fell $1.08 to $68.23 a barrel. The contract settled 58 cents lower at $69.31 on Wednesday.

"There's a sense we're breaking to the down-side because of weak economic data ... unemployment, house prices, lower stock markets," said Christopher Bellew of Bache Commodities.

Oil prices rely on the global economy for support, and until things truly pick up, oil will have a hard time maintaining itself above $70 a barrel.

Spread bets and CFDs on the U.S. stock market should consider that it is expected to open lower. After yesterday's ADP employment data disappointed, there has been the expectation that today's non farm payrolls will also show negative news.

Yesterday, U.S. stocks moved higher, despite the employment data. The first day of the 3rd quarter was marked with optimism and enthusiasm by investors. However, today things have sobered a bit. Concerns about the speed of economic recovery have surfaced. Now U.S. stock futures anticipate a lower open on the economic data.

Spread betting and contracts for differences on ECB rates should consider that they are still steady at 1%. Indeed, 1% is widely thought to be the floor for the European Central Bank, with the euro zone refusing to follow the U.K. and the U.S. in rates approaching 0%.

The non-move was widely expected, and the ECB's rate decision is not likely to have much impact on other markets; it's already been priced in. However, ECB president Jean-Claude Trichet is expected to share the euro zone monetary leadership's view of the economy later today. That speech is likely to have more of an effect on European markets.

Right now, the euro is lower in forex trading, thanks to economic data and to concerns about economic recovery. European stocks are also in retreat today, after starting the 3rd quarter enthusiastically yesterday.