German Unemployment Rose By 69K In February
German Unemployment Change Actual 69K, Expected 53K, Previous 50K (Revised from 40K)
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.
Trade Desk Thoughts: The number of unemployed persons looking for a job in Germany for the month of January rose by 69K, more than what analysts had expected. 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 reach the job market. Previously, the unemployment rate reached a 16-years low.
Forex Technical Reaction: The euro is testing TheLFB R1 (1.3285), after gaining 90 pips in the overnight session.
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