German unemployment in May rose more than estimated. The number of people out of worked jumped a seasonally adjusted 21K vs. forecast for 5K. Figures from April were revised upwardly to 6K. The unemployment rate stayed at the level of 6.9%. The Organization for Economic Cooperation and Development for the euro area slashed its forecast for the euro area for this year from -0.1% to -0.6%. The ECB had to consider cutting its deposit rate below zero (the deposits in the ECB are meant). Nevertheless, the euro started growing. According to news agencies, the rise of the euro was not connected with fundamental data.
Today at 13:00 GMT+4 sentiment indices in the eurozone in May are published. Consumer Confidence is expected to be flat -21.9, Business Climate Indicator is expected to be 0.85 vs. -0.93, Economic Confidence is expected to be 89.4 vs. 88.6. At the same time Italy places 10-year governmental bonds. At 16:30 GMT+4 US GDP in Q1 is published, forecast 2.5%, i.e. flat. PCE in Q1 (second estimate) is estimated to be 3.3% vs. 3.2%. US Initial Jobless Claims are expected to be 340-342K. At 18:00 GMT+4 data on US Pending Home Sales in April are published, forecast 1.1%-1.5% vs. 1.5% in March.
Thus, if information about speculative euro’s growth is actual, then further rise may be limited by strong data on the eurozone. On Friday data on unemployment in the eurozone is published, it is estimated to grow from 12.1% to 12.2%.
Technically, the next bullish target is resistance of trend line on the H4 1.2982, then the range 1.3014/32. Support is at 1.2910, trend line on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
German unemployment in May rose more than estimated. The number of people out of worked jumped a seasonally adjusted 21K vs. forecast for 5K. Figures from April were revised upwardly to 6K. The unemployment rate stayed at the level of 6.9%. The Organization for Economic Cooperation and Development for the euro area slashed its forecast for the euro area for this year from -0.1% to -0.6%. The ECB had to consider cutting its deposit rate below zero (the deposits in the ECB are meant). Nevertheless, the euro started growing. According to news agencies, the rise of the euro was not connected with fundamental data.
Today at 13:00 GMT+4 sentiment indices in the eurozone in May are published. Consumer Confidence is expected to be flat -21.9, Business Climate Indicator is expected to be 0.85 vs. -0.93, Economic Confidence is expected to be 89.4 vs. 88.6. At the same time Italy places 10-year governmental bonds.
At 16:30 GMT+4 US GDP in Q1 is published, forecast 2.5%, i.e. flat. PCE in Q1 (second estimate) is estimated to be 3.3% vs. 3.2%. US Initial Jobless Claims are expected to be 340-342K. At 18:00 GMT+4 data on US Pending Home Sales in April are published, forecast 1.1%-1.5% vs. 1.5% in March.
Thus, if information about speculative euro’s growth is actual, then further rise may be limited by strong data on the eurozone. On Friday data on unemployment in the eurozone is published, it is estimated to grow from 12.1% to 12.2%.
Technically, the next bullish target is resistance of trend line on the H4 1.2982, then the range 1.3014/32. Support is at 1.2910, trend line on the H4.
The material has been provided by InstaForex Company – www.instaforex.com
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