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Dollar Falls vs. Euro on US Nonfarm Payrolls

October 8, 2010 by

EUR/USD sharply advanced after today’s US nonfarm payrolls but soon tumbled even more sharply, yet quickly resumed its upward movement. One more reason for the Fed to perform quantitative easing and no reasons for the dollar to stop falling. EUR/USD trades currently near 1.3947 after it jumped to 1.3982 and than slumped to 1.3834.

Nonfarm payrolls dropped 95k in September, following 57k drop a moth before. The reading proved analysts totally wrong expecting 1k increase. Unemployment rate remained at 9.6% level, while forecasts promised and increase to 9.7%.

Wholesale inventories went up 0.8% in August, while 0.6% gain was expected. July figure was 1.5%.

If you have any comments on the recent EUR/USD action, please, reply using the form below.

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