s after Nonfarm Payrolls Report
EUR/USD currency pair posted an unexpected growth today as the U.S. economy reported an even faster decline in the nonfarm jobs and the unemployment rate exceeded the pessimistic forecasts. EUR/USD is now trading near 1.2941.
Nonfarm payrolls fell by 598k in January after falling by 577k in December (revised down from the decline by 524k). The decline in the nonfarm payrolls was expected to be near 540k. The unemployment rate rose from 7.2% to 7.6% in January; the analysts forecast the rate at 7.5%.
Consumer credit dropped by $6.6 billion in December after falling by as much as $11 billion through the month of November (revised downwardly from $7.9 drop). The median forecast for the current report’s decline in the consumer credit was at $3.5 billion.
Dollar Trades Almost Without Change against Euro
February 5th, 2009Despite the large drops in the employment and the factory orders in the United States, the U.S. dollar stood still against the euro today. Although, there were medium intraday spikes in both directions, the EUR/USD is currently trading close to its opening level — near 1.2856.
Initial jobless claims were at 626k last week — up from 591k a week earlier and above the consensus forecast of 580k.
Nonfarm business productivity rose by 3.2% in the fourth quarter of 2008 or 2.8% in a year-to-year comparison. The growth follows 1.4% advance of the nonfarm business productivity in 2007.
Factory orders were down by 3.9% in December, following 4.6% drop in November. They still declined faster than the traders have expected (3.2%).
EUR/USD Declines on Some Mixed News from U.S.
February 4th, 2009EUR/USD fell today as some bad and some good news regarding the state of the economy were released in the United States. EUR/USD is currently trading near 1.2888 after reaching as low as 1.2812 earlier today.
ADP Employment report showed that the private nonfarm employment declined by 522k job places in January, following a decline by 659k in December (revised upwardly from 693k decline). The market analysts expected a drop by 515k in January.
ISM services index was reported at 42.9% in January — up from 40.1% in December and above the median forecast of 39%.
Crude oil inventories continue to climb up in the United States and gained 7.2 million barrels last week.
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