There’s good news and bad news in that there unemployment report, but the good was enough to propel exchange traded funds (ETFs) into the black this morning. The news also had a ripple effect, getting traders to think about risk again, too.

While the unemployment rate held steady at 9.7% and 36,000 jobs were lost in February, the number of jobs the economy shed was far less than what economists had been expecting. The impact of the snowstorms on the East Coast may have had a small impact on the final figures, but the Labor Department wouldn’t say how much.

The jobs report quickly had an impact on other areas of the market, primarily easing investors’ fears and encouraging them to take on more risk. That, combined with reassurance from China’s premier that the country would stick to a looser monetary stance, helped boost copper prices by more than 3%. Concerns about China’s demand for metals has weighed on investors, but those fears may be unfounded, as China still intends to be a major consumer of metals. iPath DJ-UBS Copper TR Sub-Index ETN (NYSEArca: JJC) is up nearly 2% this morning. [Your Guide to Investing in Metals ETFs.]

High-yielding currencies are also leading the charge in the markets this morning, with the dollar gaining ground on the yen and dipping against the euro and other higher-yielding currencies, such as the Australian Dollar. Greece woes are keeping the euro’s gains tempered, though. CurrencyShares Australian Dollar Trust (FXA) is up about 0.6% this morning; the WisdomTree Dreyfus Euro (NYSEArca: EU) is flat. [Read Our Currency ETF Special Report.]

Read the disclaimer, as Tom Lydon is a board member of Rydex|SGI.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.