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Good Nonfarm Payrolls Push EUR/USD Down

EUR/USD was gradually rising at the start of the current trading session but plunged after nonfarm payrolls had demonstrated growth that surpasses economists’ expectations. The news fueled talks about an interest rate hike from the Federal Reserve by the year end, though for now bets from speculators do not favor such an outcome.

Nonfarm payrolls rose by 255k in July, exceeding the forecast growth by 180k and the previous month’s revised 192k. The unemployment rate remained at 4.9% while forecasters had predicted it to fall a little to 4.8%. Average hourly earnings rose by 0.3% compared to the predicted increase by 0.2% and the June’s 0.1%. (Event A on the chart.)

Trade balance deficit widened to $44.5 billion in June up from $41.0 billion in May. That is compared to the median forecast of $42.1 billion. (Event A on the chart.)

Consumer credit rose by $12.3 billion in June from May versus the forecast rise by $15.5 billion. The previous month’s gain was revised from $18.6 billion down to $17.9 billion. (Event B on the chart.)

EUR/USD as of 2016-08-05

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

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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EUR/USD extended its rally today after reversing losses caused by the US CPI yesterday. Today’s mixed economic reports in the United States gave the currency pair few reasons to stop its upward movement.

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