020 7898 0500The single currency lacked strength throughout the day yesterday, despite the positive economic readings. Spanish unemployment continued to fall at a steady pace during the month of March. The number of people out of work declined by 48,559. This is a significant improvement because over the past eight years unemployment had risen by over 11,000 on average in March.
It was also announced that Eurozone retail sales had increased at the fastest pace in four months. This is particularly positive given the recent increases in inflation.
What still weighs on the currency is last week’s speculation that markets may have over-interpreted the positive tone by the European Central Bank. Political risks add to uncertainty in Europe. Yesterday French far-right leader Le Pen closed the gap in the polls again. Her opponent Macron is still in the lead though.
