Euro loses ground to dollar as eurozone anticipates jobless record
City Index January 28, 2013 2:45 PM
<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.
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