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EUR: eight-year low in Spanish unemployment supports euro

By Michael Cooper July 5th, 2017

The single currency moved up slightly against its main counterpart, the US dollar, despite Independence Day. The move happened after Spanish unemployment figures were released. The headline figure missed expectations of a drop in unemployment by 120,300, instead it dropped by 98,300 which is still a sizable decline.

Despite the market reaction, it is another sign of a solid recovery within the region. Spain’s unemployment is at its lowest level in eight years

Today we have the services PMI figures from the region. Unlike the UK, the European figure has two releases (a flash followed by a final reading). It’s the final reading that is set for release today, and it is not expected to change from the flash reading of 54.7.