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Nonfarm Payrolls Fall Sharply, Dollar Little Changed

December 5, 2008 by

EUR/USD declined today before and after the important employment report. After showing almost no volatility during the Asian trading session, the currency pair declined past the yesterday’s open levels during the London trading session. After the nonfarm payrolls data was released, EUR/USD retreated slightly but the returned to the downward trend. The currency pair is trading near 1.2699 now.

Nonfarm payrolls unexpectedly fell by 533,000 in November after falling by 320,000 in October (revised negatively from 240,000 fall). The average forecast for the November’s decline was at 325,000 drop. The total unemployment rate rose from 6.5% to 6.7% — lower than 6.8% forecast.

U.S. consumer credit decreased by $3.6 billion in October after gaining $6.8 billion in September (revised down from $6.9 billion). It was expected to rise by $1.5 billion in October.

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