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Euro Advances vs. Dollar in Spite of Good US Nonfarm Payrolls

March 4, 2011 by

Today we had a couple of positive reports from the US, yet the euro continued to rise versus the dollar. The optimistic predictions about the nonfarm payrolls proved true and the unemployment rate declined, even though it was expected to increase. The European currency showed signs of weakness after the release of the reports. EUR/USD trades now at 1.3983.

Nonfarm payrolls increased by 192k in February, compared to the January increase by 63k (revised up from 36k). Analysts were right with their forecast that was promising an increase by 191k. The unemployment rate declined to 8.9% from 9.0%, while it was expected to rise a little to 9.1%. (Event A on the chart.)

Factory orders increased by 3.1% in January, following the 1.4% growth (revised up from 0.2%) in December. Median forecast promised an advance by 2.1%. (Event B on the chart.)

EURUSD for 2011-03-04

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