German Inflation Delivers EUR Support Ahead of U.S GDP and Jobless Claim FiguresThe German economy was back in focus, with unemployment figures weighing on the EUR ahead of prelim inflation figures for April.
It’s been a busy day on the Eurozone economic calendar. Following a relatively busy Asian economic calendar, the German economy was back in the spotlight.
From Germany, unemployment and inflation figures were key stats ahead of economic data from the U.S.
In April, unemployment increased by 9k, reversing a 6k decline from March. Economists had forecast a 10k decline.
While unemployment rose in the month, the unemployment rate held steady at 6.0%.
In April, consumer prices rose by 0.7% month-on-month, according to prelim figures. In March, consumer prices had risen by 0.5%.
According to Destatis,
- The annual rate of inflation ticked up from 1.7% to 2.0%.
- Prices for goods increased by 2.6% compared with the same month a year earlier.
- Energy prices were up by 7.9%, with food prices up by 1.6%.
- Prices for services were up by 1.6%.
Through the release of the German unemployment figures earlier in the day, the EUR fell to a post-stat low and a current day low $1.21113 before finding support.
In response to the German inflation figures, the EUR rose to a post-stat high $1.21340 before easing back.
Ahead of the stats, the EUR had struck a pre-stat and a current day high 1.21500 before hitting reverse.
At the time of writing, the EUR was up by 0.03% to $1.21300.
1st quarter GDP and weekly jobless claim figures from the U.S…