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Spanish Unemployed Drops Double than Expected: 98.3K in May

The number of unemployed people in Spain dropped by 98,265. This is a positive surprise. It was expected to see a drop of around 50K jobless people in the month of May, after a drop of 46.2K in April. The total of unemployed people now stands at 4.89 million. This is a drop of 1.97%.

EUR/USD traded steadily above support at 1.3050, sliding from the highs recorded earlier, after the dollar crashed. It is now rising steadily to 1.3075.

Expectations have risen towards the release, after Spain’s PM Mariano Rajoy publicly told everybody to look out for an improvement in employment numbers. It seems that Rajoy received an early notification about the good data.

The news immediately sent the Spanish IBEX 35 stock index from a drop to a rise of 1%, at 8367 points at the time of writing.

Spain might be seeing some improvement in 2013. The upbeat manufacturing PMIs and the evident rise in tourism certainly support the euro-zone’s 4th largest economy, that suffers badly.

For more levels, events and analysis, see the EUR/USD forecast. Here is a live chart of euro/dollar:

[do action=”tradingviews” pair=”EURUSD” interval=”60″/]

The euro-zone will release PPI numbers at 9:00 GMT.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.