EUR/USD Down on Improving Employment Data

The euro fell against the dollar today as the fundamental indicators showed some improvement compared to the previous month, namely the employment figures. The currency pair continues to trade not far from its major support level and looks to be ready to go for another strong bearish wave at any moment. EUR/USD is now trading near 1.2212.
ADP Employment report showed a positive change by 55k jobs in the nonfarm business sector from April to May 2010. It came out below the expected 70k level, but above the April’s 32k.
Nonfarm productivity in the business sector rose by 2.8% in the first quarter of 2010 — below the previous report’s (for the same quarter) value of 3.8%.
Initial jobless claims decreased from 463k to 453k last week, which is slightly better than 455k forecasted.
Factory orders went up by 1.2% in U.S. this April — below both the forecast 1.8% value and the previous month’s growth of 1.7%.
ISM services index stagnated at 55.4% in May, while the traders have expected a gain to 55.6%.
Crude oil inventories decreased by 1.9 million barrels during the last week. The total motor gasoline inventories dropped by 2.6 million barrels that week.
Yesterday, a report on the U.S. pending home sales was released. It showed a continued growth with 6.0% increase in April, which compares to 7.1% March growth and the forecasted 5% value.

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