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Nonfarm Employment Down, Supports EUR/USD

November 7, 2008 by

EUR/USD is up today after two days of decline. Employment statistics is hurting the dollar during the last two days and the bets that the Fed will have to continue cutting the interest rates become more popular. EUR/USD is currently trading near 1.2748.

Nonfarm payrolls declined by 240,000 in October — that’s even more than the analysts expected (200,000), being quite pessimistic. September’s decline was also revised — from 159,000 to 284,000. Unemployment rate increased from 6.1% to 6.5%. That’s the very bad news for the U.S. economy and for the U.S. dollar too. Yesterday’s report on the initial jobless claims showed a decline from 485,000 to 481,000 last week.

Pending home sales dropped by 4.6% in September after 7.5% in August and 3.4% decline forecast for September.

Wholesales inventories were down by 0.1% in September after increasing 0.8% in August and 0.4% growth forecast for September.

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