Employment data in Germany - Ester Holdings
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Employment data in Germany

  • Unemployment change in Germany (May),  fact 60K, forecast -8K.
  • Germany’s unemployment rate (May), fact 5.0%, forecast 4.9%.

The labor market in Germany slowed significantly in May, showing a significant increase in the unemployed, which reached its highs of the last ten years. This, in turn, caused a decline in employment in Germany, departing from historic lows.

Fig. 1. Unemployment changes in Germany

 

With the general strengthening of the US dollar on the growth of trading risks and weak employment data in Germany, the euro was under significant pressure, limited to oversold and significant overbought of the American dollar. As a result, the EUR/USD pair will continue to maintain a downward trend, limited to oversold and support levels: 1.1150 and 1.1130.

Fig. 2.  EUR/USD chart. Current price – 1.1150

Read also: “Elliott Wave Theories: Prediction

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Hanzenko Anton


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