Sterling Plunges in Forex Trading as U.S. Payroll Data is Released

Spread bets and CFDs on the sterling should consider that it is plunging right now. Even though the sterling had begun to consolidate a position earlier, it began losing steam as economic news began to show that maybe U.S. employment data would be on the negative side.

Indeed, the sterling could do little beyond consolidate on the spot forex market this morning, since European markets were flat earlier, awaiting U.S. news. Now that payroll data has been released, and the employment in the U.S. has exceeded 10%, the sterling is plunging in forex trading.

Risk aversion is returning, and the U.S. dollar is ready to rally in forex trading as investors turn to it for safe haven status. And, when the U.S. stock market does open a little later, it is likely to do so at lower than 10,000.