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NFP Surprise Positively, EUR/USD Edges Down

EUR/USD was trading sideways ahead of US nonfarm payrolls but slid after the release of the employment report. Employment growth was better than expected, while other indicators looked solid as well, though economists were concerned that wage inflation basically is not moving anywhere.

Nonfarm payrolls rose 209k in July, exceeding the median forecast of 182k. Furthermore, the already substantial June increase of 222k was revised to 231k. Unemployment rate ticked down from 4.4% to 4.3%, in line with expectations. Average hourly earnings growth was at 0.3%, also matching forecasts, up from 0.2% in June. (Event A on the chart.)

Trade balance deficit shrank from $46.4 billion in May to $43.6 billion in June. Forecasters were close with their estimate of $43.9 billion. (Event A on the chart.)

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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