The EUR/USD pair is growing, while the pan-European statistics continues to come out vague.
The euro/dollar continues to rise. In the second half of the trading day on Tuesday, the main currency pair is trading around the 1.0922 mark (0.3%).
Today came out a lot of interesting statistics for the euro area as a whole and for Germany in particular. The producer price index in the region for December dipped by 0.8% m/m against the forecast of a decline of 0.6% m/m. yearly the rate fell by 3.0% against expectations of a decline of 2.8% y/y.
The report on the December unemployment rate in the Eurozone came out in contrast. The indicator fell to 10.4% vs. the expected 10.5%. These numbers are good, compared with its earlier figures, but in comparison with similar economies, the indicator is not very positive. The labour market remains a major headache for the region.
Here, for example, is Germany, which for several years is working closely with employment. In January, the unemployment rate fell to 6.2% seasonally adjusted against the forecast of 6.3%. The number of unemployed fell by almost half compared to the forecasted values. Here is a reduction of 20 thousand, and the total number of unemployed is calculated at 2,732,000 people.
The German unemployment report is the strongest for many years - the unemployment rate is at a minimum since 1992. This is a very good result. It is a pity that the whole of the Eurozone cannot replicate the German approach to the settlement of the labour market.
Interestingly, a market trend is evident with the departure from the US dollar. It can also be seen in the EUR/USD, and the USD/JPY pair, for example. Yesterday the US released very mixed statistics, figures on personal spending fell short of expectations, although they could have reached them. Business activity in the manufacturing sector could also be more pronounced, but the sluggish demand does not improve the mood here. All of this plays in favor of the USD, and investors are beginning to doubt that the Fed will quickly return to a series of interest rate rises.
RoboForex Analytical Department
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