Economy Drive Dollar Up
Mixed Reports on Economy Drive Dollar Up
EUR/USD currency pair declined today after showing a moderate growth yesterday. The macroeconomic statistics from U.S. was mixed today — both positive and negative news barely influenced the market. EUR/USD is currently trading near 1.2637, still inside the yesterday’s trading range.
ADP employment report showed a drop by 250,000 jobs in November following a decline of 179,000 (revised up from 157,000) in October. The median forecast for the decline in November was at 200,000.
Productivity gain in the non-farm business sector was upwardly revised for the third quarter of 2008 — from 1.1% to 1.3%, while the market strategists expected a downward revision to 0.9%.
ISM services index surprised traders with an extreme decline from 44.4 to 37.3 in November, while the forecast was only at 42.0. It’s the lowest level this index has ever reached.
Crude oil inventories decreased by 0.4 million barrels last week in U.S.This change followed an increase by 7.3 million barrels a week before.