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Non-Farm Payrolls Rise Nicely – USD/JPY and USD/CHF Rise
The number of US Non-Farm Payrolls rose by 117K in July 2011. This is slightly better than official expectations that stood on a gain of around 90K. The unemployment rate also surprised with a slide to 9.1%, exceeding expectations of an unchanged value at 9.2%. The dollar rises against the save have currencies and drops against the euro in the initial reaction. This is a classic “risk appetite” reaction, although the euro's gains are later reversed. Last month’s Non-Farm Payrolls were revised to the upside – a gain of 46K instead of 18K that was initially reported. Average Hourly Earning also beat ... (full story)
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