Euro slides as Spain’s jobless data soars

<p>The euro has slipped in forex trading following more Spanish joblessness disappointment. </p>

The euro has depreciated in forex trading this afternoon (November 5th) on news one of the single currency region's most embattled nations is not succeeding in resolving its employment crisis.

Official figures for October released today show that Spain's joblessness has increased by 2.7 per cent month-on-month, which is a rise of 128,242 people bringing the total number of Spanish citizens looking for work to 4.83 million.

Spain is the fourth-largest economy in the 17 member-state eurozone region and has been in recession for three years now, struggling with the highest rate of unemployment in the bloc and one of the biggest public deficits.

The nation's unemployment rate stood at 25 per cent at the end of the third quarter, with this figure jumping to 52 per cent for young people aged between 16 and 24.

At 14:30 GMT today, the euro slipped versus the dollar by 0.3 per cent to €1 buying $1.278, while it depreciated marginally against the pound to £0.800.

Find out 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.