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by ForexNewsNow Team on August 19, 2010

EUR/USD advances on disappointing U.S. jobs data

NEW YORK (Forex News Now) – The euro advanced against the dollar on Thursday, after official data showed that the number of U.S. workers filing new claims for unemployment benefits jumped unexpectedly last week.

In European afternoon currency trading, EUR/USD struck 1.288, up 0.21 percent on the day, after rising from a 3-day low of 1.2772.

U.S. Labor Department data showed that the number of workers filing new claims for unemployment benefits last week rose to 500,000, up from an upwardly revised 488,000 during the previous week. Global forex analysts had expected claims to drop to 478,000, two major financial news outlets reported.

According to forex analysis, EUR/USD was likely to touch immediate support around the low of July 21, 1.2732, and encounter resistance around last Thursday’s high, 1.2932.

FX traders, meanwhile, awaited a key monthly report on the manufacturing sector in Philadelphia, which was expected to show that manufacturing activity rose in August.

Elsewhere, the euro fell versus sterling: EUR/GBP traded at 0.823, down 0.15 percent.

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