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U.S. Non-Farm Payroll Disappoints as Job Losses Reach a Three Year High - Dollar Holds Ground
Friday, 03 October 2008 12:36:47 GMT
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U.S. Non-Farm payrolls plunged to -159K from a revised reading -73K in August, which was much greater than the 105K drop projected by economists. The data suggests that the downturn in the world’s largest economy may accelerate over the coming months as employment demands falter, and may lead the Fed to lower the benchmark interest rate ahead of schedule as growth prospects waver. Meanwhile, the dour outlook for the U.S. failed to spur bullish price action for the euro-dollar (EURUSD) as the pair continued to hold below 1.3850.
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