Eurozone Unemployment Falls but Fails to Nudge the EUR ahead of the FED

It’s been a relatively quiet start to the day on the Eurozone economic calendar this morning.

Eurozone unemployment was in focus ahead of a busy U.S economic calendar.

In September, the Eurozone’s unemployment rate fell from 7.5% to 7.4%, which was in line with forecasts.

According to the Eurostat,

• For adults, the number of unemployed was estimated to stand at 12.079m in the euro area.
• Compared with August 2021, the number of unemployed was down 306,000.
• Year-on-year, the number of unemployed slid by 1.919m.

Market Impact

Ahead of the trade data, the EUR had fallen to a pre-stat and current day low $1.15751 before rising to a post-stat and current day high $1.15978.

In response to the unemployment figures, the EUR rose to a post-stat high $1.15930 before falling to a post-stat and current day low $1.15792.

At the time of writing, the EUR was up by 0.06% to $1.15859.

Next Up

ADP nonfarm employment change and ISM Non-Manufacturing PMI numbers for October will be in focus.

The main event, however, will be the FED’s monetary policy decision and, more importantly, the FED Chair Powell press conference.

Recent economic data as raised plenty of questions. It remains to be seen, however, whether the FED Chair will deliver the markets with what they are looking for…