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5 Apr 2013
Forex: EUR/GBP edges higher after NFP flop
FXstreet.com (Barcelona) - EUR/GBP has tentatively climbed in the immediate aftermath of today´s US Non Farm Payroll numbers.
NFPs came in at 88k against expectations of 200k, drastically disappointing consensus forecasts and leading to the likely dampening of Fed QE Exit talk. Elsewhere, Unemployment declined slightly to 7.6% while the trade balance dipping to $-43bln. EUR/GBP initially spiked to 0.8514, before retracing back to find support between 0.8490 and 0.8500, and now looks tentatively edging higher. The numbers indicate that the US labour market is not picking up as hoped and talk of QE exit in the US will likely settle for now, causing EUR near term strength. Hourly RSI sits at 60 and is moving with upside momentum.
NFPs came in at 88k against expectations of 200k, drastically disappointing consensus forecasts and leading to the likely dampening of Fed QE Exit talk. Elsewhere, Unemployment declined slightly to 7.6% while the trade balance dipping to $-43bln. EUR/GBP initially spiked to 0.8514, before retracing back to find support between 0.8490 and 0.8500, and now looks tentatively edging higher. The numbers indicate that the US labour market is not picking up as hoped and talk of QE exit in the US will likely settle for now, causing EUR near term strength. Hourly RSI sits at 60 and is moving with upside momentum.