Forex Trading News – Europe’s Unemployment

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Euro zone’s Unemployment Rate released today at 9.9%, according to the forecast and in line with the rate for April. The rate since December 2009 fluctuates between 9.7% and 10.2%. It is estimated that 22.3 million people in EU are unemployed, where 70% of them live in the Euro zone. Compare to April 2011 there was an increase to unemployed people in the Zone by 16000, but if we compare the numbers with May 2010 we will see that there are more than a half of a million of people unemployed in the Euro area less this year so far. The lowest Unemployment Rate among the member states is recorded in the Netherlands and Austria with 4.2% and 4.3% respectively, while the highest rate is observed in the heavily indebted Spain with 20.9%. The highest increase compare to one year ago was recorded in Greece, where the rate in 2010 was 11.0% and now is 15.0%. Note that the rates are seasonally adjusted. The Euro upon the announcement of the news gained within a few minutes some 14 pips against the Dollar to climb to 1.4537. Currently the EURUSD pair is trading at 1.4529, holding most of the day gains.