It was a relatively busy Eurozone economic calendar this morning. Eurozone unemployment and wholesale inflation were in focus.
The Stats
In October, the Eurozone’s unemployment rate fell from 7.4% to 7.3%, which was in line with forecasts. The unemployment rate had stood at 8.4% in Oct-2020.
According to Eurostat,
- Compared with Oct-2020, the number of unemployed declined by 1.564m.
Wholesale inflation figures for the Eurozone drew greater interest today, however.
In October, the Eurozone’s annual wholesale rate of inflation accelerated from 16.1% to 21.9%. Month-on-month, industrial producer prices rose by 5.4%. Producer prices had risen by 2.8% in September.
According to Destatis,
Compared with Sep-2021:
- Industrial producer prices in the energy sector jumped by 16.8% and by 1.4% for intermediate goods.
- Prices for durable and non-durable goods rose by 0.5% and by 0.4% for capital goods.
- Prices in total industry excluding energy increased by just 0.8%.
By member state, Belgium (+11.2%) recorded the highest increase ,followed by Italy (+9.4%).
Compared with Oct-2020:
- Industrial producer prices in the energy sector rose by 62.5% and by 16.8% for intermediate goods.
- Prices in total industry excluding energy increased by 8.9%.
Market Impact
Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.13073 before finding support.
In response today’s stats, the EUR rose to a post-stat and current day high $1.13440 before easing back.
At the time of writing, the EUR was up by 0.14% to $1.13357.
Next Up
U.S jobless claims and ECB member Panetta. FOMC members Quarles, Barkin, and Bostic are also scheduled to speak later in the day.