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U.S. Positive Data Helps Dollar

March 5, 2010 by

The dollar is going to end this week trading near neutrality versus the euro as several days of alternating risk appetite and aversion moved markets both ways during the past 5 days. Today, better than expected employment data in the U.S. allow the dollar to end this week trading with a slight advantage versus the euro in the weekly comparison. EUR/USD currently trades at 1.3617.

Nonfarm payrolls were at -36k in February from a previous revised reading of -26k in January. This report brought more positive news than what forecasts suggested at -56k jobs.

Unemployment rate held at 9.7 percent in February, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction and information, while temporary help services added jobs. Average hourly earnings increased by 0.1% compared to 0.2% — the average forecast for this indicator.

Consumer credit
increased by $5.0 billion in January from a previous revised decline of $4.6 billion in the previous report. Forecasts were completely wrong expecting a reading of -$4.2 billion.

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

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