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EUR/USD Advances as US Employment Growth Stalls

September 2, 2011 by

EUR/USD was rising for almost whole trading session, but jumped after nonfarm payrolls showed that US employers virtually weren’t adding jobs last month. Unemployment rate managed to stay unchanged. The report was very pessimistic for the US economy and for the dollar too as talks about next round of quantitative easing should resume with even more intensity.

US nonfarm payrolls came out today and showed a terrible result, posting zero growth in August, compared to market expectations of a 74k increase. July reading was also worse than previously estimated, being downgraded from 117k to 85k. Unemployment rate remained unchanged at 9.1% as was expected. (Event A on the chart.)

EUR/USD for 2011-09-02

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