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EUR/USD Rises Despite Favorable Nonfarm Payrolls Report

September 3, 2010 by

EUR/USD currency pair is rising despite the good news from US labor market. Reports about employment were surprisingly good, especially considering grim forecasts. Non-manufacturing PMI, on the other hand, declined more than expected. EUR/USD trades currently near 1.2868.

Nonfarm payrolls declined in August at the same pace (revised upward) as in July: -54k jobs. The report showed much slower decrease, than was expected (-101k). Unemployment rate changed little at 9.6% compared to the previous reading of 9.5%, matching forecasts.

ISM services index declined from 54.3 in July to 51.5 in August. The decline was more significant than an anticipated drop to 53.6.

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