Number of unemployed in Spain down by 74 028
The number of unemployed registered at the offices of the Public Employment Services has been reduced by 74 028 people in July, the biggest drop this month since 1998 and more than double that recorded in July 2014 (29,841 unemployed). Analysts were forecasting smaller drop by 46,000. This is also the sixth consecutive month to reduce the number of unemployed.
In the last eight years, unemployment had declined on average in July by 37,000 people. Seasonally adjusted, registered unemployment fell by 44,286 people last month, the largest reduction in history in a July. In the past 12 months, registered unemployment has decreased by 373 584 people, the biggest drop recorded in historical series.
After the data euro added few points and is currently being traded around 1.0960 level. Pair is likely to find support at 1.09 handle and resistance above 1.10 area. There will be no major data releases in the rest of the session.
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