Forex News – US jobs report provides some relief for markets; euro makes brief gains

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The ADP National Employment report was released today showing that more jobs were created in the United States than forecast in October. The positive news briefly lifted risk currencies and weakened the US dollar.

U.S. private-sector employers added 110,000 jobs in October, beating economists’ expectations of 101,000 new jobs, a report by the payrolls processor showed.

September’s private payrolls were revised up to an increase of 116,000 from the previously reported 91,000.

The jobs report suggests that the recent trend in private employment remains moderate. This moderate rate of creation of employment reflects the sluggish pace of GDP growth exhibited earlier this year.

Immediately after the data at 12:15GMT, EURUSD jumped to 1.3797 from 1.3785. The euro is currently at 1.3791 at 14:30GMT.