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US NFIB small business optimism index misses on forecasts- EUR/USD lifts above 1.0865

The latest (March) US NFIB small business index has just been released. The markets were expecting this to come in lower, at 88.8 from a prior monthly reading of 89.4. It has just been released at 88.5, which is a little shy of expectations. It is by no means the most important of US economic releases but such is the calendar today, that it is the only one of any note on the agenda today. However, quite often the markets do not pay much attention to this data, but it is a good barometer of SME (Small, Medium Enterprise) hiring trends in the US in the near future. US small business are often overlooked in that regard, but they do remain an important component of overall business activity and sentiment. The dollar was already leaking lower ahead of this data. The Pound was leading that move and right now the EUR/USD has just joined in a little more, as it rises to session highs above 1.0865. Resistance remains in place for the time being at 1.0874
 

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