German Unemployment Slides, Delivering EUR Support

Following German business and consumer sentiment figures this week, German unemployment was in focus this morning.

Unemployment

In July, unemployment slid by 91k, following a 39k decline in June. As a result of the decline, the unemployment rate fell from 5.9% to 5.7%. Economists had forecast a 22k decline and for the unemployment rate to fall to 5.8%.

Market Impact

Ahead of today’s unemployment figures, the EUR had fallen to a pre-stat and current day low $1.18388 before visiting $1.186 levels.

In response to today’s stats, the EUR fell to a post-stat low $1.18647 before climbing to a post-stat and current day high $1.18801.

At the time of writing, the EUR was up by 0.27% to $1.18743.

Next Up

Prelim inflation figures from Germany ahead of 2^nd quarter GDP and weekly jobless claims figures from the U.S. It could get choppy for the EUR if initial jobless claims tumble and GDP numbers beat forecasts…