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EUR/USD Rallies for Third Day on Poor US Nonfarm Payrolls

December 3, 2010 by

The euro extended its rally against the dollar for a third day as nonfarm payrolls were far lower than expected and unemployment rate unexpectedly increased. Factory orders also were worse than forecast. EUR/USD currency pair currently trades near 1.3342.

Nonfarm payrolls report showed that US employers added 39k jobs in November. The reading was a way lower than 172k in the October and the expected value of 143k. Unemployment rate increased to 9.8%, while it was expected to remain unchanged at 9.6%

ISM services grew to 55.0 in November from 54.3 in October. An expected value was 54.7.

Factory orders dropped 0.9% in October, following an increase by 3.0% in September. Analysts predicted a decrease by 0.7%.

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