Euro loses ground to dollar as eurozone anticipates jobless record

<p>The euro has depreciated versus the dollar as the eurozone anticipates record high unemployment figures.</p>

The euro has lost ground to the dollar in trading this morning (January 28th), as the 17-member region anticipates a week of disappointing official unemployment statistics, with analysts expecting overall joblessness will climb to a fresh zenith.

According to the median estimate of 34 economists in a Bloomberg news survey, the number of people out of work in the eurozone is expected to jump to 11.9 per cent.

This result is due on February 1st and if analysts are proved right, this will be the highest figure recorded since records began in 1995.

The day before Eurostat publishes this figure, Germany – the largest economy in both the single currency region and the European Union – is expected to announce that its unemployment rate remained the same in January at a stubbornly-high 6.9 per cent.

At 08:40 GMT, the euro softened against the dollar by 0.2 per cent to $1.343, but it gained ground versus the pound to £0.853.

Learn about the euro and forex trading at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.