German Economy Loses 1K Jobs In April
Release Explanation: The release weights the number of jobs created, or the percentage of employed/unemployed in the labor market. 'Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve,' TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: The number of unemployed persons looking for a job in Germany for the month of April rose by only 1K, much better than what analysts had expected. From one year ago in April, the German economy shed 130K workplaces.
'The unemployment number in Germany has been in a strong downtrend since 2005, but it seems the economic slowdown that the German economy faces had reached the job market. Previously, the unemployment rate reached a 16-years low,' TheLFB-Forex.com Trade Team said.
Forex Technical Reaction: The euro is trading just below the neutral pivot point (1.3885), after it gained 40 pips over the last few minutes of trading
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