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EUR/USD Declines on Some Mixed News from U.S.

February 4, 2009 by

EUR/USD fell today as some bad and some good news regarding the state of the economy were released in the United States. EUR/USD is currently trading near 1.2888 after reaching as low as 1.2812 earlier today.

ADP Employment report showed that the private nonfarm employment declined by 522k job places in January, following a decline by 659k in December (revised upwardly from 693k decline). The market analysts expected a drop by 515k in January.

ISM services index was reported at 42.9% in January — up from 40.1% in December and above the median forecast of 39%.

Crude oil inventories continue to climb up in the United States and gained 7.2 million barrels last week.

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