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EUR/USD Rises on US Unemployment & Construction Spending

September 1, 2010 by Vladimir Vyun

The dollar declined versus the euro today after ADP unemployment rate and total construction spending posted readings that were noticeably worse than expected. Manufacturing also showed surprising result, only this time it was positive surprise. EUR/USD trades currently at 1.2818.

ADP unemployment rate posted a decline of 10k jobs in August, compared with the July growth of 37k. Median forecast was a growth by 20k.

ISM PMI Index grew to 56.3 in August, instead of declining to 53.2 as was expected. In July the index was at 55.5.

Total construction spending in the US declined 1.0% from June to July. The actual reading was significantly worse than forecast value (0.4%) and below previous reading of 0.8%.

US crude oil inventories increased by 3.4 million barrels from the previous week. Total motor gasoline inventories decreased by 0.2 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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