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U.S. Unemployment Above 10% — EUR/USD Down

November 6, 2009 by

EUR/USD fell slightly today as the U.S. nonfarm payrolls report missed the quite optimistic forecast of the traders. The overall daily trading range remains rather compact today and the current drop may still be considered as some end-of-the-week technical correction after crazy fast growth on Wednesday. EUR/USD pair is currently trading at 1.4837.

Nonfarm payrolls decreased by 190k in October — that’s better than 219k drop in September, but worse than the optimistic median forecast of 175k drop. The unemployment rate jumped up from 9.8% to 10.2%, while only 9.9% rate was priced into the currency market.

Wholesale inventories decreased by 0.9% in September, following a 1.3% drop in August. This indicator was expected to go down by 1%.

Total consumer credit decreased by $14.8 billion in September in the United States. This decline follows $9.9 billion drop in August (revised from $12 billion drop) and is above the average forecast by the market analysts — $10 billion.

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

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