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EUR/USD Falls as US Unemployment Rate Drops

February 4, 2011 by

EUR/USD extended its losses as the European Central Bank kept its main interest rates unchanged yesterday and as US unemployment rate dropped. On the other hand, non-farm payrolls were far worse than market participants have hoped for. EUR/USD trades currently at 1.3565.

Non-farm payrolls increased by 36k in January, following the increase by 121k in the month before. The change was really depressing and far below market expectations of 138k. Yet unemployment rate managed to drop from 9.4% to 9.0%, while it was expected to increase to 9.5%. (Event A on the chart.)

EUR/USD for 2011-02-04

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