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EUR/USD Unconcerned with U.S. Employment Data

December 7, 2007 (Last updated on December 3, 2009) by

EUR/USD was mainly ranging today as the markets were undecided whether it is going bullish or bearish expecting the release by U.S. BLS on the November employment situation. After quite optimistic release came out dollar bulls took their ride for a while, but then euro bulls started to push EUR/USD back up keeping it slightly above the average daily range.

Nonfarm payrolls — the main indicator of the U.S. employment situation was at 94,000 in November — an expected continuation of the last month 166,000 increase. But analysts were expecting just 70,000 growth, so the dollar now has some good news to grow on.

Unemployment rate left at the same rate as in October — 4.7%, while markets expected growth to 4.8%. Average hourly earnings increased by 0.5% compared to 0.3% — the average forecast for this indicator.

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