The sharp nosedive seen in global commodities indices in recent days has sparked a concomitant aversion to risk among forex traders.Such is the claim of the Financial Times' investment editor John Authers, who has reported that this new wave of risk aversion has its roots in bearish signals from commodities indices such as the CRB index, which has slumped to its lowest level since early May.Forex traders have taken this movement as "a strong signal that its rebound of the past few months was over", said Mr Authers.Meanwhile, the Japanese yen was up against both the euro and the dollar yesterday (July 8th) as cautious investors searched for a haven currency to shield themselves from risk.Although he described these developments as troublesome, he clarified: "At least risk aversion will help the dollar avoid further falls and delay the moment when it is replaced as a reserve currency."In trading this morning, the yen has slipped from its four-month high against the dollar, with investors moving out of the currency after deeming its five-day surge to be excessive.