The unemployment rate in the Eurozone not only remained unchanged but even decreased, as the previous results were revised downwards. This is despite the forecasted increase in the unemployment rate from 6.5% to 6.6%. So the actual result of 6.4% looks quite impressive. However, despite this positive development, the euro continued to decline, albeit slowly and insignificantly. Nevertheless, this movement clearly indicates that the European macroeconomic statistics are not as interesting to the market as the American ones, which are of greater interest. Moreover, the macroeconomic dynamics in Europe are significantly worse than in the United States. The Old World is clearly heading towards a recession, unlike the New World.
Unemployment rate in the euro area
Another evidence of the market's interest in American statistics was the weakening of the dollar, which began closer to the end of the American trading session. The reason for this was the data from the American Petroleum Institute (API) on crude oil inventories in the United States, which decreased by a staggering 15.4 million barrels in just one week. Such a sharp and sudden decline in reserves could lead to an energy shortage and slow down the economic dynamics in the United States itself. This is precisely why the dollar was declining.
Today, the focus will be on the employment data in the United States, which will determine the course of events, specially since employment is expected to grow by 210,000, which is slightly below the minimum acceptable value to maintain labor market stability, given the American democracy and the level of economic activity. Moreover, compared to the previous month, when employment grew by 497,000, this figure looks weak. Therefore, the dollar will likely remain under pressure and weaken further.