Friday, 25 September 2009

EUR/USD Up after Employment and Factory Orders Reports

EUR/USD Up after Employment and Factory Orders Reports

EUR/USD rose today after posting a slight decline yesterday and trading in the negative zone for the most of the day as the ECB cut the interest rate and some mixed fundamental reports from U.S. arrived. EUR/USD is currently trading near 1.2794.
Initial jobless claims unexpectedly fell in U.S. last week — from 530k (revised up from 529k) to 501k. According the forecast by the market strategists, the claims should have been up to 540k.
European Central Bank cut the main refinancing rate from 3.25% to 2.50% today. A cut by 50 to 75 basis points was expected by the markets.
Factory orders decreased by 5.1% in October after contracting by 3.1% in September (revised down from 2.5% decline). It was well over the analysts’ estimates that averaged at 4.5% decrease.

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