Following an extensive set of economical data, the euro reversed Tuesday’s losses and is back above 1.3500.
The push up developed in two waves.
First the release of a negative ADP Non-Farm Employment Change for the month of February (-23K) caught traders by surprise and sent the dollar down against most currencies.
The next move of the day came shortly after with the release of better than expected U.S. Factory Orders. Factory Orders for the month of February appreciate by 0.6% and the number for January was revised up to 2.5% instead of 1.7%. The data allowed equities to go back near positive levels for the day, taking with them the euro.
The euro gained as well during the London session with a fall in German Unemployment (-31K).
However, the picture is not necessarily brighter for the global recovery. The European unemployment rate remains high at 10.0% for February and the loss in Non-Farm payrolls clouds the perspective of positive U.S employment data scheduled to be released on Friday.
Elsewhere in the forex market, the USD/JPY suffered from heavy volatility. After dropping back below 93.00 on the ADP data, it reversed completely to reach new highs for the week at 93.63.
On the other hand, the USD/CHF could not recover from a strong break down and is heading back to March’s 1.0507 with momentum.
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