Forex Blog

The  U. S. dollar dropped down today against as the unemployment rate soared in the U. S. Yesterday EUR/USD gained from the hawkish statement by Jean-Claude Trichet (he said that he will probably raise the interest rates on ECB’s next meeting), today it grows because of the poor U.S. fundamentals.

Nonfarm payrolls decreased by 49,000 in May — below the expected 60,000 dropdown, but above the revised April 28,000 loss in the jobs. Unemployment rate soared up from 5.0% a month ago to 5.5% in May; the market analysts predicted only a slight growth from 5.0% to 5.1%.

Wholesale inventories report for April showed a better dynamics — they rose 1.3% after 0.1% gain in March (revised up from -0.1%) and 0.4% growth estimate for April.

Tags: nonfarm payrolls, unemployment rate, wholesale inventories

This entry was posted on Friday, June 6th, 2008 at 5:17 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.