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Non-Farm Payrolls Bitter Disappointment – Dollar Weaker
The US economy gained only 18K jobs in June 2011. Bad news. Expectations stood on a rise of about 100K jobs. The unemployment rate remained also disappointed with a rise to 9.2%, . The initial reaction is a stronger dollar against the euro and a weaker one against the yen. The euro recovered quickly. The dollar is retreating against most currencies, with the Canadian dollar being an exception. USD/JPY is down from 81.40 to 80.80 on the bad news. USD/CHF is way down from 0.85 to 0.8410. The safe haven currencies rise on the fears of global slowdown. EUR/USD dropped to 1.42 but is now recovering. GBP/USD is on the rise ... (full story)
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