Eurozone Unemployment Fails to Weigh on the EUR after the Holidays


It was a quiet begin to the day on the financial calendar as we speak. Following the vacations, the Eurozone’s unemployment price was in focus this morning.

Forward of the European open, nonetheless, the European futures pointed to a powerful opening in response to U.S stats from Friday and Monday.

We didn’t anticipate the unemployment numbers to have an excessive amount of affect on the EUR or the European boerses.

Not solely had been there spectacular stats from the U.S to contemplate but additionally the possible impact of the newest EU lockdown measures on unemployment.

Eurozone Unemployment

Within the month of February, the Eurozone’s unemployment price held regular at 8.3%. January’s unemployment price was revised up from 8.1% to eight.3%. Economists had forecast an unemployment price of 8.1%.

Based on Eurostat,

  • Whereas unchanged from January 2021, the unemployment price was up from a February 2020 7.3%.
  • Eurostat estimated that 13.571m individuals had been unemployed within the euro space in February, rising by 48,000 from January.
  • In contrast with February 2020, unemployment rose by 1.507m within the euro space.

Market Affect

Forward of the unemployment figures, the EUR had recovered from early losses, having struck a pre-release and present day excessive $1.18218.

In response to as we speak’s information launched, the EUR fell to a post-stat low $1.18116 earlier than discovering assist.

On the time of writing, the EUR was up by 0.04% to $1.18181.

It was a extra spectacular begin to the week for the European boerses, nonetheless, which hit report highs this morning.

Forward of the info launch the DAX30 was up by 1.14%, with the EuroStoxx600 up 0.91%. The CAC40 trailed with a extra modest 0.84% achieve.

Up Subsequent

U.S JOLTs job opening numbers for February. Don’t anticipate these numbers to affect both. Spectacular March nonfarm payroll figures from final Friday could have muted the affect of the numbers on market danger sentiment.

With the JOLTs job openings unlikely to maneuver the dial, updates from the IMF conferences will affect…

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