On Friday the European body in charge of statistics, Eurostat, will publish official data on the unemployment rate in the Euro Zone at 06:00 am (GMT-3).
Some countries of the Euro Zone are in the process of de-confinement after weeks of general movement restrictions due to the current pandemic.
The latest measurement of employment levels published in March showed a slight seasonal decline, 8.3%. The setback was the result of the tightening of palliative measures for the pandemic context.
For the month of March, the unemployment rate is expected to be stable, remaining at 8.3%. However, taking into account that in March, commercial economic activity gave better than expected results, as a result of the slow recovery, the new figure could fluctuate and be lower than projected.
European PMI data released last week showed that France and Germany, the bloc’s two main economies, performed better in the manufacturing and services sector for the month of March. At least this could imply a less negative impact on unemployment.
In any case, it should be noted that, for the German case, unemployment rises unexpectedly (6%) according to the data published today.
Better-than-expected unemployment data would have a positive impact on the euro. Expectations are better positioned by the advances in the vaccination process and the economic recovery.
The price of the EURUSD, closed for sell . The buy preference between 1.2137 to 1.2150. The sell scenario is between 1.2106 and 1.21095.