Merkel, are you going to make some changes or not?! What is this woman thinking??? Her country is going downhill and we need to see some changes. I will be heading off to a different country in Euro soon and will post what I find. Lets think good thoughts for our German brothers!!!
Foreign exchange markets essentially ignored an in line unemployment report from Germany earlier this morning, despite some mild optimism in the numbers.
Earlier on Tuesday, German unemployment unexpectedly fell by 3k jobs for December despite calls for a 5k increase, and November’s 7k decline was revised to a 1k pullback.
The unemployment rate, however, remained unchanged at 8.1% as expected.
Meanwhile, the number of vacancies in German firms increased to 13k, a strong gain compared to the previous month’s 5k pickup.
The data bodes well for the euro zone’s largest economy as it suggests that the labour market in the region is in the process of bottoming out, a positive for the European currency.
Sadly, the euro failed to make any meaningful moves given the proximity of the results to the consensus forecasts.
So far today, EUR/USD has traded in a range of 1.4387 to 1.4484. Short term support lies at 1.4258 with resistance at 1.4536.
After the market open on Wall Street EUR/USD gave up its lead against the USD and last traded lower by 12 pips at 1.4401.
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