The Japanese yen is gaining on the spot forex market today, in an interesting response to the small amount of risk aversion remaining in the midst of cautious risk appetite.

Spread betting and contracts for differences on the Japanese yen should consider that U.S. stock futures are lower today, and that is weighing on risk appetite -- even though the euro and the pound are both higher against the U.S. dollar.

Indeed, concern that the economic recovery across the world is slowing (especially in the U.S.) is outweighing a number of other considerations, including the good earnings season in the U.S. and the fact the European stress tests are largely positive.

As a result of some of this caution, the Japanese yen is a little bit higher in spot forex trading as some investors look for a safe haven.

The U.K. pound is moving lower in spot forex trading today, thanks to concerns about the U.K. deficit. The deficit narrowed a bit in June, but not as much as predicted.

Concerns about sovereign debt have been plaguing a number of developed countries, and the recent issues with euro zone debt are only exacerbating concerns about British debt. 

As a result, spread bets and CFDs on the sterling in spot forex trading should consider the impact that debt could have. BusinessWeek reports on the issues related to the U.K. pound:

“Some of the shine has come off sterling,” said Neil Jones, head of European hedge fund sales at Mizuho Corporate Bank Ltd. in London. “It seems clear that the Bank of England will stay where it is. It won’t be chasing rates higher.”

Spread bets and CFDs on the spot forex market should consider that the euro is gaining strength as fears about sovereign debt are assuaged.

The Spanish bond auction earlier is allaying fears that financing Southern European debt will be difficult. Demand appears to be strong, and that is going a long way toward increasing the optimism in that region. European stocks are gaining.

The euro is moving higher in forex trading, heading through the $1.28 level against the U.S. dollar. Also gaining against the greenback is the sterling, which has made it through the $1.53 level. With fundamentals becoming a focus again for the U.S. dollar, and concerns fading, it is little surprise that dollar weakness is beginning to show.