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EUR/USD Rises on US Employment Reports

October 6, 2010 by

EUR/USD was falling today, but gained after a report showed an employment figure, which was worse than expected. The dollar is also weakened by talks about possible quantitative easing. EUR/USD trades now near 1.3878 after it fell to the intraday low of 1.3801.

ADP employment rate decreased by 39,000 from August to September on a seasonally adjusted basis, while traders and investors expected an increase by 23,000 last month. The estimated change of employment from July to August was revised up from the previously reported decline of 10,000 to an increase of 10,000.

Crude oil inventories increased by 3.1 million barrels from the previous week. Total motor gasoline inventories decreased by 2.6 million barrels. Both are above the upper limit of the average range.

Yesterday, a report on ISM services was released, showing a growth from 51.5 to 53.2 in September.

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

One Response to “EUR/USD Rises on US Employment Reports”

  1. TradeProfits

    EUR/USD just keeps that surge and it seems to be never ending. I am really looking forward to see what Non-Farm Payroll can do to that cross tomorrow, along with AUD/USD


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