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Failed Correction on EUR/USD on More Good Data

November 5, 2009 by

EUR/USD failed to to demonstrate a technical correction after the yesterday’s record fast growth, as some more good data on the employment market came out in U.S. today. During the early trading session, a downward movement was rather significant in euro/dollar market but the pair quickly recovered after the reports were released. EUR/USD is now trading near 1.4884.

Nonfarm business sector productivity of labor rose by 9.5% (annual rate) during the third quarter of 2009, following 6.6% increase during the second quarter. A growth of productivity by 6.5% was anticipated by the economic analysts. The improved productivity is a direct result of a higher unemployment, caused by laying off the least effective works.

Initial jobless claims were reported at 512k for the last week — down from 532k claims during the previous week. A drop to 522k was expected by the currency traders today.

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

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