While German inflation is low, the employment situation is improving in the euro-zone’s largest economy: another drop in the number of unemployed: 14K. This is much better than a minor drop and following a big drop beforehand. The unemployment rate dropped to 6.6% from 6.7% beforehand. This is good news for Germany, but the ECB is out of their control.
EUR/USD is ticking back up above 1.2480. However, more German inflation data from Hesse weighs on the euro.
Opinion: EUR/USD: Double Bottom; Cable: Consolidation – RBS
More data: euro-zone private loans dropped 1.1%, slightly worse than 1% expected and M3 Money Supply is growing at 2.5%, also slightly under 2.6% expected.
Germany was expected to report a minor gain in employment: 1K, after a big drop of 22K in the previous month.
EUR/USD is back down under 1.25 after Spanish CPI and some German state inflation data looks quite low.
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