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Positive US Data Propels EUR/USD to Highest Since 2011

February 1, 2013 by

EUR/USD jumped today, reaching the highest level since November 2011, as favorable data from the United States reinforced the positive market sentiment. Most reports today were better than expected, with the exception of the unemployment rate, which unexpectedly rose.

Nonfarm payrolls rose 157k in January, in line with the forecast of 161k. The December growth was revised positively from 155k to 196k. The unemployment rate unexpectedly climbed by 0.1 percentage point to 7.9%. (Event A on the chart.)

Revised Michigan Sentiment Index showed an increase from 72.9 in December to 73.8 in January. Analysts have expected it to stay near the preliminary figure of 71.3. (Event B on the chart.)

ISM manufacturing PMI rose from 50.7% in December to 53.1% in January, indicating the sector expanded for the second month. No change was anticipated by experts. (Event B on the chart.)

Construction spending increased 0.9% in December from November when it grew 0.1% (revised from -0.3%). The median forecast was 0.6%. (Event B on the chart.)

EUR/USD for 2013-02-01

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