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Eurozone Unemployment Rate Climbs to 11%

Eurozone Unemployment Rate Climbs to 11%

David Schutz,

THE TAKEAWAY: Euro-area unemployment unchanged at 11% -> Euro weak as focus remains on Greek situation

Unemployment in the 17-member Euro monetary union climbed to 11% in April from 10.9% previously. Increased Spanish jobless numbers notably contributed to the rise, which came as companies lay off many employees in a bid to lower costs in a time of eroding consumer confidence.

Meanwhile, political focus remained on fiscal difficulties as Greece prepares for a second round of elections in two weeks.European leaders are hoping the elections will usher in a government which will adhere to the terms of the massive bailout agreement between Greece and the European Union, but the last Greek elections last months failed to produce a stable government.

Eurozone_Unemployment_Rate_Climbs_to_11_body_BOE.png, Eurozone Unemployment Rate Climbs to 11%

Recent instability has weakened the Euro, which traded quietly against the US Dollar and Japanese Yen today as markets waited to absorb US non-farm payroll data which was due out at 1230 GMT.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.