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EUR/USD Holds Ground After NFP

March 8, 2014 by

EUR/USD closed higher yesterday, though it trimmed gains after the release of better-than-expected US nonfarm payrolls. Intraday, the currency pair reached the highest level since October 2011 as the recent European Central Bank statement led to speculations that the bank is not going introduce more stimulus in the future. Such talks were beneficial to the euro.

Nonfarm payrolls demonstrated growth by 175k in February, which was above the market expectations of 151k. Moreover, the January reading was revised positively from 113k to 129k. At the same time, the unemployment rate unexpectedly ticked up by 0.1 percentage point to 6.7%.

Trade balance deficit was at $39.1 billion in January, little changed from $39.0 billion in December, matching analysts’ predictions perfectly.

Consumer credit demonstrated disappointing growth of $13.7 billion in January, which was below the predicted $14.6 billion. On top of that, the December change was revised from $18.8 billion to $15.9 billion.

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