Markets  |  February 01, 2013 14:15:00

Even 85 billion U.S. per month is not enough to fight unemployment

The growth rate of new jobs outside the agricultural sector (NFP report) in January in the U.S. slowed. December after a revised 196,000 jobs result we have now waited only 157,000 new jobs. Economists expect to see it at 161,000 new jobs. The unemployment rate has jumped from as high 7.8 percent to 7.9 percent. Unemployment at this level is held high above the average, which is the last 60 years around 6 percent.

The U.S. economy was able in 2012 to create an average of 181,000 jobs each month, and even that was not enough to reduce high unemployment rate. Economists predict that it will need to grow by at least 250,000 new jobs for several months in a row.

U.S. GDP in the last quarter of 2012 was in contraction - 0.1 percent, mainly due to the slowdown in stockpiling and cuts in defense spending. The poor result was also affected by Sandy destructive storm that hit the East Coast in October. The U.S. central bank (Fed) on Wednesday confirmed its intention to stimulate the economy by purchasing bonds and low interest rates until there is no significant improvement in the labor market (goal 6 percent unemployment).

Eurodollars are still holding above trendy lines and over the support 1.3655. The U.S. economy has deteriorated data from the labor market, which could further weaken the dollar. The RSI on the hourly chart shows a small hidden bullish divergence, that could promote further growth of Eurodollar resistance towards 1.37.

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