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Euro Little Changed After Greece Unemployment Better than Expected

Euro Little Changed After Greece Unemployment Better than Expected

Oded Shimoni, Junior Currency Analyst

Talking Points:

- The Euro little changed versus the US Dollar

- Unemployment Rate in Greece at 25% in July, below expected

- June rate revised down to 25%

The Euro was little changed versus the US Dollar after today’s Greece unemployment data showed unemployment rate in Greece remained steady at 25 percent in July, after the June rate was revised down from 25.2 percent to 25 percent. The number was below economist’s expectation for a rate of 25.4 percent.

It seems Greece related news effect on the Euro is weaker in recent months, after the Greece government was able to agree a new bailout deal with creditors in July. The deal seems to contribute investors’ confidence that risks stemming from Greece are limited for the time being. Taking this into consideration and the fact that the ECB’s account of the monetary policy meeting is due later today, investors appeared unfazed by the data and the Euro was little changed versus the US Dollar.

DailyFX Currency Strategist Ilya Spivak said that a daily close in the EUR/USD above the 1.1269 barrier clears the way for a challenge of the September 18 high at 1.1459.

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