Nonfarm Business Supports Greenback vs. Euro
EUR/USD extended its slump today for the fourth consecutive day. The report nonfarm business sector labor productivity increased, just at slower pace, supported the U.S. currency, while the euro was hurt by the news that the protests in Greece caused fatal incident. On the other hand, the increasing number of the jobless claims makes us wonder if the U.S. economy can continue its growth in the long term. EUR/USD trades currently at 1.2736
Initial jobless claims decreased to 444k the last week from revised figure of 451,000 in the week earlier. The expected number of people applying for benefits was somewhat lesser, being 441k.
Nonfarm business productivity increased at a 3.6% annual rate during the first quarter of 2010, which is lesser increase than the revised 6.3% advance in the fourth quarter of 2009. Still, it’s better figure then the predicted 2.4% increase.