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EUR/USD Rally Stalled After Ireland’s Credit Rating Dropped

February 2, 2011 by

EUR/USD traded near its opening level, struggling to resume its rally after Standard & Poor’s downgraded Ireland’s credit rating. There was few economic data, but the employment change confirmed that the economic recovery in the US is underway. EUR/USD trades now at 1.3818.

The ADP employment report came out today, showing an increase by 187k jobs in January. While it was lower than December value of 247k (revised downwardly from 297k), the reading was much higher than the median forecast of 148k. (Event A on the chart.)

Crude oil inventories increased by 2.6 million barrels and total motor gasoline inventories increased by 6.2 million barrels last week. (Event B on the chart.)

EUR/USD for 2011-02-02

If you have any comments on the recent EUR/USD action, please, reply using the form below.

3 Responses to “EUR/USD Rally Stalled After Ireland’s Credit Rating Dropped”

  1. Emad kenona

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    admin Reply:

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  2. Emad kenona

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