German unemployment unexpectedly rose in July

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Thursday, Jul 30 2015

German unemployment unexpectedly rose in July and posted its biggest increase since May last year in a setback for domestic demand, which is expected to drive growth in Europe's largest economy this year.

The Federal Labour Office reported on Thursday that the seasonally adjusted unemployment total rose by 9,000 to 2.799 million. Economists had pointed to a fall of 5,000.The jobless rate remained at 6.4% for the fourth straight month. That is the lowest since German reunification in 1990.

Data did not have any major impact on euro which is currently being traded few points above 1.0960 level. Pair is likely to find support around 1.09 handle and resistance above 1.10 area. Later today, in the US session, Advance GDP and Unemployment Claims figures are scheduled for a release.

More in this category: « Spanish GDP up by 1% US GDP rose 2.3% in Q3 »

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