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Eurozone needs job growth

Monday, Dec 28 2015
Unemployment for both the euro zone and the full 28-member European Union has hovered near double digits since 2012. This has prompted the central banker to prod member states into action to help drag the continent out of its prolonged economic slump. "Given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies," Draghi urged in his December statement. 
 
He has previously suggested EU states ease hiring and firing procedures as well as lower barriers to entry for certain trades, in order to boost job numbers. The latest figures from European statistics provider Eurostat said the euro zone jobless rate was 10.7 percent for October, down marginally from 10.8 percent in September and 11.5 percent from a year earlier and the lowest since January 2012.
 
Euro is currently being traded around 1.0980 area. Pair is likely to find support around 1.0950 handle and resistance above 1.10 level. There will be no data releases in the rest of the session.
More in this category: « ECB will run QE as long as necessary, Mersch says Aussie could fall further even with stabilisation in commodities »

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