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EUR/USD Supported For Now as Euro-Zone Unemployment Falls

EUR/USD Supported For Now as Euro-Zone Unemployment Falls

Nick Cawley, Senior Strategist

Talking Points

- EURUSD boosted by unemployment figures, as 140,000 jobs are added in February.

- Unemployment at its lowest level since May 2009.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for next week on the DailyFX Webinar Calendar.

The euro area seasonally-adjusted unemployment rate was 9.5% in February 2017, down from 9.6% in January 2017 and from 10.3% in February 2016, the lowest rate recorded in the euro area since May 2009, according to official data from Eurostat.

Among the Member States, the lowest unemployment rates in February 2017 were recorded in the Czech Republic(3.4%), Germany(3.9%) and Malta(4.1%). The highest unemployment rates were observed in Greece(23.1% in December 2016) and Spain (18.0%), highlighting the differences between the northern and Southern states.

EURUSD picked up a touch on the news, but remains weak after ECB officials last week had to reassure the markets that tapering, or a rise in interest rates, was not on the cards with core inflation still well below target of around 2%.

Chart: EURUSD Five-Minute Timeframe (April3, 2017)

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at Nicholas.cawley@ig.com

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