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Euro is rising against major after inflation and unemployment data

2019-06-04 09:57 am | Resource: News | No Views : 146

Euro is rising against major after inflation and unemployment data

The euro recorded strong gains during the European session on Tuesday after a number of European data, notably the decline in unemployment and low inflation

 Unemployment in the euro area at 7.6% in April

The eurozone unemployment rate fell to 7.6% in April from 8.4% a year ago and 7.7% in March, the Eurostat said on Tuesday. Unemployment in the entire EU reached 6.4%, down 0.6 percentage points year-on-year.

A total of 12.5 million people were unemployed in the euro area in April, while the figure was 15.8 million people in the entire EU.

Unemployment in April was the lowest in Czech Republic with 2.1%, followed by Germany at 3.2%. At the same time, the unemployment rate was the highest in Greece, 18.5% as of February, Spain where the unemployment rate in April was 13.8%. On a year-on-year basis, the biggest decline in unemployment was recorded in Greece, Estonia and Spain. At the same time, unemployment was stable compared to last year in Luxembourg and Poland, while Denmark was the only country to show a rise in the unemployment rate of 0.1 percentage points from April 2018 to 5.3%.

Eurozone inflation fell 1.2% in May

The eurozone's annual inflation rate is expected to reach 1.2 percent in May, down from April's 1.3 percent, according to immediate estimates published by Eurostat on Tuesday.

Energy is set to have the highest annualized rate of 3.8% in May, compared with 5.3% growth in the previous month. The inflation rate of food, alcohol and tobacco was 1.6%, up by 0.1 percentage points on a monthly basis, while the rate of inflation in services is expected to reach 1.1%, followed by non-energy industrial goods by 0.3%.
Full inflation data for May is due for release on June 18.

Villeroy of the European Central Bank: trade tensions threaten growth

European Union (ECB) Governing Council member and French bank governor Francois Villeroy de Gallau said on Tuesday that growing global trade tensions threaten growth in Europe. Villeroy said the euro area was facing "a major economic uncertainty." Europe faces doubts about the global trade war as well as the UK's exit from the EU. The European Central Bank (ECB) warned of the risks faced by indebted countries and companies, while in May, European Central Bank President Mario Draghi warned of the consequences of Britain's exit from the EU.

EUR trades against major currencies
  • The eur traded in green trading at 121.50 against the yen.
  • Eur rose against the franc to 1.1177, down 0.17%.
  • The euro rose against the British pound to 0.8881, gaining 0.05%.
  • Euro rose to 1.1243 against the dollar at around 11:02 CET.

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