After very good data of EU industrial PMI, Eurostat shortly after 11:00 published results of May Labor Market Report. Unemployment in euro area remained on 9.3%, the lowest level since March 2009 (analysts expected it to fall to 9.2%), which triggered a slight depreciation of the EUR.


For the entire European Union, unemployment rate fell to 7.8% – it should be recalled that previous year was 8.7%:

Looking at Eurodollar’s downward trend, there are many indications that investors have been heavily pricing down the unemployment rate in May and keeping it unchanged has led to deepening of Monday’s lows:

EURUSD M15

As a result, quotes are falling steadily below the 1.1400 level. A number of data from the United States is still ahead of us, which may also increase volatility on the Eurodollar.

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