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EUR/USD Soars on Disastrous Employment Data

January 4, 2008 (Last updated on December 3, 2009) by

EUR/USD showed a growth of more than 100 pips in one hour immediately after the employment data from the United States were released today. While trading flat and even falling a little during the day, EUR/USD broke through its own record level setting a new historical maximum to 1.4824.

Nonfarm payrolls
growth was expected to fall from 94k in November to 70k in December, but the released data was a real catastrophe — just 18k growth. Meanwhile the unemployment rate rose from 4.7% to 5.0% showing that the problems in the U.S. economy are going to be really serious.

ISM services index in December showed a less dramatical decline dropping to 53.9% from 54.1% in November, while a drop to 53.5% was expected.

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