Forex News – Euro tumbles after record high euro zone unemployment
April 2, 2013 10:47 am
The euro has been falling since a slew of disappointing economic data released for the Euro zone during the European session on Tuesday. Unemployment hit a record high and the Euro zone economy has contracted for four straight quarters.
According to Eurostat, the EU’s statistics office, unemployment across the 17 European Union countries that use the euro has hit 12 percent in March, which is a record high since this is the highest since the euro currency was launched in 1999.
Meanwhile February’s unemployment rate remained unchanged at the record high. January’s figure was revised up to 12 percent from 11.9 percent.
Over the month, a net 33,000 people in the Euro zone were added to the number of jobless.
Separate data released before the unemployment numbers showed that manufacturing across the euro zone fell deeper into decline in March.
A report published by Markit showed that Euro zone Manufacturing PMI declined in March to 46.8 from 47.9 in February. This figure was slightly better than a preliminary estimate of 46.6, but continues to remain below the 50 mark that separates growth and contraction for a 20th month.
EURUSD is currently trading at $1.2824 at 0924GMT, down from an earlier session high of $1.2872.
The euro has been falling since a slew of disappointing economic data released for the Euro zone during the European session on Tuesday. Unemployment hit a record high and the Euro zone economy has contracted for four straight quarters.
According to Eurostat, the EU’s statistics office, unemployment across the 17 European Union countries that use the euro has hit 12 percent in March, which is a record high since this is the highest since the euro currency was launched in 1999.
Meanwhile February’s unemployment rate remained unchanged at the record high. January’s figure was revised up to 12 percent from 11.9 percent.
Over the month, a net 33,000 people in the Euro zone were added to the number of jobless.
Separate data released before the unemployment numbers showed that manufacturing across the euro zone fell deeper into decline in March.
A report published by Markit showed that Euro zone Manufacturing PMI declined in March to 46.8 from 47.9 in February. This figure was slightly better than a preliminary estimate of 46.6, but continues to remain below the 50 mark that separates growth and contraction for a 20th month.
EURUSD is currently trading at $1.2824 at 0924GMT, down from an earlier session high of $1.2872.
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