Focus: US Labor Market Data - 2.11.2012
The US Labor market positive report from ADP was enforced with lowering in Jobless Claims and manufacturing PMI. As a result, American and European stocks showed a confident growth: Eurofirst 300 gained 1,2% and S&P500 increased by 1%. Comparable growth is observed in Asian markets now.
It is worthy to note that optimistic spark passed the European currency by: according to Thursday results, EUR/USD was corrected and the price lowering during the morning trading session was accelerated and now it is 0,35%. Downward pressure can be explained by the news coming from Greece, where the Court of Auditors, so to speak, cast doubt on the pension reform legitimacy required by foreign lenders to allocate a new financial aid package. Currently EUR/USD is coming near the important horizontal support at 1.2885.В текущий момент пара EUR/USD приближается к важной горизонтальной поддержке 1.2885.
The main event of today session – the US Non Farm Payrolls (13:30 CET). These data traditionally cause strong fluctuations in majority of assets.
EUR/USD, 4-hours chart