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EUR/USD Rises on Bad Employment Report & Lower ECB Lending

June 30, 2010 by

The euro strengthened today against the U.S. dollar as the Central European Bank would lend European bank less than was predicted, igniting hopes that European financial system recovers from crisis. ECB announced that it’d loan 131.9 billion euro to banks in a three-month tender, while forecasts spoke about 300 billion euro. The unfavorable report about U.S. employment also helped shared European currency to gain versus the greenback. EUR/USD currency pair trades now near 1.2251.

ADP employment report showed an increase by 13k jobs from May to June. Very frustrating figure compared to the 57k (revised from 55k) jobs growth from April to May and to traders’ expectations of 59k increase.

Chicago PMI index dropped in June to 59.1 from May value of 59.7, exactly as market participants expected.

U.S. commercial crude oil inventories decreased by 2.0 million barrels from the previous week. At 363.1 million barrels. Total motor gasoline inventories increased by 0.5 million barrels last week. Both are above the upper limit of the average range.

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

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