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Number of unemployed declined both in Germany and Spain

Tuesday, Jun 02 2015
German unemployment declined for an eighth month in May as companies increased hiring in a sign of confidence that Europe’s largest economy will continue growing. Number of unemployed fell by a seasonally-adjusted 6,000 to 2.79 million. Economists had predicted a drop of 10,000. The unemployment rate remained at 6.4%, the lowest level since German reunification.
 
Earlier today, Spanish Unemployment Change figures have been released. The number of unemployed registered at the offices of the Public Employment Services has dropped in May by 117 985 people, beating forecasts on a decline by 112,000. This is the biggest drop in unemployment in this month throughout the time series. 
 
In seasonally adjusted terms, unemployment decreased by 34,160 people, the best figure recorded in May. With the exception of July 2014, the number of unemployed in seasonally adjusted terms has been declining every month since May 2013 , accumulating 25 months of decline.
 
After the figures euro was initially pushed higher, testing 1.10 handle, but it pulled back and is currently being traded few points below 1.0970 level. Pair is likely to find support around 1.09 handle and resistance around 1.10 area. Later today, Eurozone CPI figures will be released.
More in this category: « Aussie higher after hawkish RBA statement Construction PMI up in May »

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