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EUR/USD Ends Week with Gains

February 7, 2014 by

EUR/USD ended this week with gains as US nonfarm payrolls disappointed yet again. The employment growth in January was not as small as in the previous month, but it was nowhere near the forecast level. The nonofficial data released earlier this week was also worse than expected.

Nonfarm payrolls grew by 113k in January, missing the analysts’ estimate of 185k by a great margin. The increase was still bigger than the meager 75,000 growth in December. The unemployment rate unexpectedly fell from 6.6% to 6.7%. (Event A on the chart.)

Consumer credit grew by $18.7 billion in December, while economists have expected the same rate of growth as in November — $12.4 billion. (Event B on the chart.)

EUR/USD-2014-02-07

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