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EUR/USD Drops on Payrolls Data

August 7, 2009 (Last updated on August 8, 2009) by

The euro dropped against the dollar on the positive (compared to the expectations) nonfarm payrolls data today. It’s quite strange for EUR/USD to react to positive fundamental releases with a decline, but dollar is looking more attractive to the traders right now. EUR/USD is currently trading near 1.4317.

Nonfarm payrolls declined by 247k in July, following 443k drop reported for July (revised positively from 467k). A decline by 328k was predicted by the economic analysts. The overall unemployment rate went down from 9.5% to 9.4%, while a growth to 9.6% was expected.

Consumer credit fell by $10.3 billion in U.S. in the month of June, following $5.3 billion drop in May (revised negatively from -$3.2 billion). Market analysts forecasted a decline by $4.0 billion.

Yesterday, also a positive employment sector report was released in United States. Initial jobless claims fell from 588k to 550k last week, better than the forecast value of 580k.

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

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