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EUR/USD Extends Gains on Low Nonfarm Payrolls & Factory Orders

July 2, 2010 by

EUR/USD currency pair extended its gains today as lower-than expected nonfarm payrolls and decreasing factory orders added to signs that the U.S. economic growth slows. While the employment in the U.S. was showing troubling results for some time, the manufacturing sector previously supported the optimism for the U.S. And even it can’t support positive outlook anymore. EUR/USD trades currently at 1.2592.

Nonfarm payrolls were reported today, showing a loss of 125k in June, following an increase by 433k in May. Forecasts told about a decline by 106k. The unemployment rate declined to 9.5%.

Factory orders decreased 1.4% in May. This followed a 1.0% April increase. The median forecast was 0.5% decline.

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

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