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Dollar Shows 5th Day of Gain Despite Employment Drop

October 3, 2008 by

EUR/USD continued to fall today for the fifth day in a row even as the employment reports from the United States showed a dramatic decline. It looks like the raging recession in U.S. is a real problem for everyone except the dollar. Maybe, because the traders prefer to convert into treasuries when the market turbulence is highly active.

Non-farm payrolls declined by 159,000 in September following 73,000 drop in August. Market analysts expected a decline by no more than 90,000 for the last month. Despite such a huge drop in the non-farm employment, total unemployment rate remained unchanged at 6.1%.

ISM services index fell insignificantly in September — it went down from 50.6 to 50.2, while the forecasts were at 50.0 value. ISM services index remains in a generally neutral zone.

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