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EUR/USD Sinks as US Labor Market Looks Far Better than European

November 2, 2012 by

EUR/USD sank today as data confirmed that the US labor market continues to improve. That was a stark contrast to the European employment, which was worsening. Other sectors of the European economy also look far worse than the US ones.

US nonfarm payrolls climbed as much as 171k in October, the rate of growth being far above the predicted change of 123k. Moreover, the September reading was positively revised from 114k to 148k. As a bit of bad news, the unemployment rate edged by 0.1 percentage point to 7.9%, matching traders’ expectations. (Event A on the chart.)

Factory orders grew 4.8% in September, in line with the forecast of 4.7%, following the 5.1% drop in August. (Event B on the chart.)

EUR/USD for 2012-11-02

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