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Euro rises after inflation data and European unemployment

2019-03-01 11:46 am | Resource: News | No Views : 203



 The euro traded higher against the major currencies during the European session after a number of data from the euro, the most important of which was German retail sales, the European manufacturing index and euro zone inflation in February, while basic price growth declined. According to data from Eurostat on Friday.

Unemployment in the euro area was 7.8% in January

The seasonally adjusted unemployment rate in the euro area was 7.8 percent in January, 0.1 percent lower than the previous month and down from 8.6 percent a year earlier, the Eurostat report showed on Friday. The figure is still at its lowest level in the euro zone. Meanwhile, the EU unemployment rate came in at 6.5% in January, down from 6.6% in December.

Among the member countries, the unemployment rate was the lowest in the Czech Republic (2.1%) and Germany (3.2%), while the highest unemployment rate was recorded in Greece (18.5% in November), Spain (14.1%) and Italy (10.5%).

German unemployment rate is about 5% in February

Germany's seasonally adjusted unemployment remained unchanged for the third straight month, rising 5.3 percent after a stronger-than-expected drop in monthly jobless claims of 21,000, the Federal Employment Agency said on Friday. The number of German unemployed fell in February by 33,000 to 2.37 million.

Compared to the same month last year, there were nearly 175,000 fewer registered unemployed. The rate is the lowest level since the 1980s.

Meanwhile, the number of unemployed people with short-term employment rose by 17,000 to 3.31 million. The number of registered vacancies increased by 2.5%, reaching 784,000 in February.

Inflation in the Eurozone accelerated

The consistent inflation rate in February was 1.5 per cent, above 1.4 per cent in January. The latest rate was in line with economists' expectations. The prices of food, alcohol and tobacco rose 2.4 percent year-on-year after rising by 1.8 percent in January. Service costs grew 1.3 percent after rising 1.6 percent in January. Eurostat is due to release full data for February inflation on March 15.

Euro Trading
 
  • In front of the franc, the euro was up against the euro at 1.1371.
  • The single currency rose to a two-day high of 0.8589 against the pound,
  • The euro rose against the yen to its highest level in more than two months to trade at 127.26 against the yen,


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