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EUR/USD Falls as Poor Non-Farm Payrolls Report Suggests Recession is Strong

January 9, 2009 by

EUR/USD declined today after two days of growth on the Forex market as the poor fundamental reports from the United States suggest a further slowdown of the economy and that the global recession is still active. EUR/USD is currently trading near 1.3517.

Nonfarm payrolls fell by 524k in December — that’s better than 533k lost in November, but still worse than the expected decline by 500k. The overall unemployment rate in U.S. went up from 6.8% to 7.2% last month.

Wholesale inventories dropped by 0.6% in November, following 1.2% decline in October (revised down from 1.1% drop). The analysts expected 0.9% decline in the inventories for November.

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