Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

EUR/USD Rallies to Monthly High after Nonfarm Payrolls

May 8, 2009 by

EUR/USD rose for a second day today and reached the highest value in more than a month after the U.S. employment declined at a less than expected rate. Traders felt more confidence in the high-yielding assets and turned to stock and euro buying, dumping the low-yielding greenback. EUR/USD is now trading near 1.3488.

Nonfarm payrolls decreased by 539k in April instead of the expected 600k. In March they were down by 699k. The overall unemployment rate rose from 8.5% to 8.9% as expected.

Wholesale inventories were down by 1.6% in March, following 1.7% drop in February. Forecasts by the economic strategists showed -1% change.

Leave a Reply

required
required (will not be published)