A smaller drop than expected in German unemployment: a drop of only 1K jobless in May. This was joined by a minor revision for April: a drop of 5K. This is the 9th consecutive month of drops in unemployment, but this is a shallower slide than predicted.
EUR/USD is ticking a bit lower to 1.1165 – a minimal change.
The total unemployment, not seasonally adjusted, stands at 2.711.
Germany was expected to report yet another drop in the number of the unemployed: 5K in May after -6K in April. The unemployment rate was expected to remain unchanged at 6.4%.
EUR/USD traded around 1.1170 towards the publication, moving on Greek news, yet not in a straightforward manner.
The low German unemployment is naturally positive for Angela Merkel. She is popular and confident and this has an indirect impact on the Greek crisis. Report: Greece reconsidering Juncker proposal – Watch the debt relief clause
