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Growing Unemployment Claims Weaken Dollar

November 4, 2010 by

The dollar continues to decline today after yesterday’s announcement of quantitative easing. Increasing unemployment claims also dragged the US currency down. EUR/USD traded now at 1.4257.

Initial jobless claims was at 457k, an increase from the previous revised figure of 437k. Analysts expected the figure to remain unchanged.

US nonfarm business productivity increased at a 1.9% annual rate during the third quarter of 2010. The value for the second quarter was revised from -0.9% to -1.8%. The expected value was 0.9%.

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