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German Unemployment Slides, Delivering EUR Support

Following German business and consumer sentiment figures this week, German unemployment was in focus this morning.

Unemployment

In July, unemployment slid by 91k, following a 39k decline in June. As a result of the decline, the unemployment rate fell from 5.9% to 5.7%. Economists had forecast a 22k decline and for the unemployment rate to fall to 5.8%.

Market Impact

Ahead of today’s unemployment figures, the EUR had fallen to a pre-stat and current day low $1.18388 before visiting $1.186 levels.

In response to today’s stats, the EUR fell to a post-stat low $1.18647 before climbing to a post-stat and current day high $1.18801.

At the time of writing, the EUR was up by 0.27% to $1.18743.

EURUSD 290721 Hourly Chart

Next Up

Prelim inflation figures from Germany ahead of 2nd quarter GDP and weekly jobless claims figures from the U.S. It could get choppy for the EUR if initial jobless claims tumble and GDP numbers beat forecasts…