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EUR/USD Drops on US Payrolls, Recovers

May 3, 2013 by

EUR/USD slumped today after US nonfarm payrolls came out better than was expected, but it quickly recovered and currently soars above the opening level. The employment data was surprisingly good, but other reports were not as positive, creating a picture of the US economy that is bit confusing.

Nonfarm payrolls rose by 165k in April, compared to the median forecast of 146k. The March increase was revised positively from 88k to 138k. The unemployment rate unexpectedly fell by 0.1 percentage point to 7.5%. (Event A on the chart.)

ISM services PMI fell from 54.4% to 53.1% in April, while analysts have predicted a drop to just 54.1%. (Event B on the chart.)

Factory orders dropped 4.0% in March, more than was forecast (2.8%). The February increase was scaled back in the revision from 3.0% to 1.9%. (Event B on the chart.)

EUR/USD for 2013-05-03

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