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Forex: EUR/USD off 1.2956 low

After extending this week's fall to 1.2956, the market is taking profits from that plunge triggered by stronger than expected US nonfarm payrolls and allowing a bounce towards the 1.3000 psychological level. Meanwhile, the US wholesale inventories were published.

Analysts were expecting a 0.3% rise in January, but wholesale inventories in the US surprised with a +1.2% change. December data was revised higher from -0.1% to +0.1%. The economic calendar is now empty for the rest of the day. However, at 01:00 GMT of Saturday, FOMC member Duke will make a speech.

US nonfarm payrolls, added 236K jobs in February instead of the 160K consensus. January data, however, was revised lower from 159K to 116K. The unemployment report dropped unexepectedly from 7.9% to 7.7%, against an unchanged consensus. Average weekly hours rose slightly from 34.4 to 34.5 and hourly earnings rose 0.2% in February, as expected.

Mataf.net analysts point to resistance at 1.3130, 1.3160 and 1.3225, while supports are at 1.2965.

US: Wholesale Inventories beats consensus at 1.2% in January

Analysts were expecting a 0.3% rise in January, but wholesale inventories in the US surprised with a +1.2% change. December data was revised higher from -0.1% to +0.1%.
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Session Recap: Strong nonfarm payrolls boost the greenback

The main feature of the session was the US nonfarm payrolls report which came in surprisingly strong, boosting the greenback versus main competitors except for the loonie. The government reported the US economy added 236,000 new jobs, against 160,000 expected, while the unemployment rate fell to 7.7%, 5-year low, from 7.9% the previous month.
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