Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.31692)
The German Unemployment Change was released this afternoon and missed the mark. For the month of August, we saw a print of 2,000. In July the number came in at upwardly revised 12,000. Expectations were for 5,000. Despite an increase in unemployment, the unemployment rate for Germany remained at 6.7 percent. This data is key for Forex trading. As unemployment in the European Union continues to worsen, the European Central Bank (ECB) will be hesitant to play with monetary policy.
Technically speaking, until the data broke, the EUR/USD rose above the key technical level at 1.32. After the release it broke immediately lower. Right now it is trading in a consolidating pattern below 1.32 as traders decide which direction to go in. Our technical analysis from this morning remains valid.
