German Unemployment Rises for a Second Month
THE TAKEAWAY: German Unemployment rises by 4 thousand in April -> Unemployment rate remains at 6.9% again -> Euro trading unchanged
German unemployment increased by four thousand people in April, worse than expectations for a two thousand rise in jobless Germans and less than the revised 12 thousand rise in unemployment in March. The unemployment rate remained at 6.9% for the seventh straight month in April, slightly higher than a record low unemployment rate set at 6.8% in December 2011.
On a more positive note, German consumer confidence was reported earlier today at a five year high for May. The German economy is the biggest in the Euro-zone and has been one of the stronger economies through the Euro-debt crisis. However, German GDP declined by 0.6% in Q4, and the German government and Bundesbank are both predicting only 0.4% growth in 2013. Signs of improved economic growth in Germany are Euro positive.
The Euro did not significantly react to the disappointing unemployment number. Support may now be provided by the key 1.3000 figure, and resistance may come in by a 2-month high at 1.3201.
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EURUSD Daily: April 30, 2013
Chart created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to firstname.lastname@example.org .