Greece, China weigh on forex market
Greece and China are weighing on the forex market today, sending many currencies lower. The U.S. dollar is higher against most other currencies right now, gaining as forex traders look for a safe haven.
Right now, only the U.K. pound is having much luck against the greenback. Indeed, concerns about what's next for the euro zone are weighing on the forex market, and worries about China are starting to show. China might have more troubled loans than originally thought. Without China to back up the U.S. in an economic recovery, there are worries about another global recession.
It will be interesting to see what happens next. With the budget deficit still an issue in the U.S., and with concerns about what's happening in other countries, it is little surprise that risk aversion is the story today.
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