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Will the euro stand firm?
The European unemployment rate is announced on Wednesday at 12:00 MT time.
Instruments to trade: EUR/GBP, EUR/USD, EUR/CAD, EUR/CHF
In February and March, unemployment in the EU was at 6.5%. It is the lowest over the course of more than a decade: the large downtrend started at 11.5% in 2014 and since then, it has only been making its way down to that 6.5% in spring. Now, the virus made it rise again: from 6.7% in April to 7.5% in August and September. Although the last two months have been showing the same percentages, it would not be pointless to expect a new upswing in European unemployment due to the second wave of the virus. So if the number of jobless people in the EU rises again, the EUR will likely slump. Otherwise, it will rise.
- If the jobs data is better than the expectations, the EUR will rise.
- If the figures are worse than the forecasts, the GBP will drop.
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