The Euro rose significantly against the US Dollar

MBCFX /Article of the Week: Feb 1rst 2013

The Euro rose significantly against the US Dollar:


Should it continue its recover, or it would shift to a bearish trend on the next week?

The euro held gains against the U.S. dollar on Friday, trading close to a 14-month high after the release of U.S. jobs data,
EUR/USD to reach as high as $1.3675 during today’s European trading session,

Then a report showed that the U.S. economy added 157,000 jobs in January, less than the expected 160,000.

The report also showed that the U.S. unemployment rate rose unexpectedly last month, to reach 7.9% from 7.8% in December. While Analysts had expected the unemployment rate to remain unchanged in January.

Meanwhile, the euro remained supported after official data showed that the unemployment rate in the euro zone remained unchanged at 11.7% in December, compared to expectations to rise to 11.9%.

The euro was also significantly higher against the pound with EUR/GBP to hit 0.8646.

Also the U.K. manufacturing PMI fell to 50.8 in January from a reading of 51.2 the previous month,

As the US negative data affected the Dollar, the Gold prices recovered some of its losses from the previous day, and today edging higher to $1682 per ounce

Later in Today, the Institute of Supply Management has published a report on manufacturing activity, while the University of Michigan has announced revised data on consumer sentiment that rose to 73.8

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