Eurozone unemployment rate drops to the lowest since July 2008, EUR keeps losses

Dhwani Mehta FXStreet

The latest data released by the Eurostat on Monday showed that the Eurozone unemployment rate ticked down to 7.5% in May vs 7.6% expected and 7.6% last.

The bloc’s jobless rate hit the lowest since July 2008, but the shared currency failed to benefit, leaving the EUR/USD pair consolidating the slide to 1.1316 near 1.1330 region, down 0.33%.

The main currency pair remains pressured by the increased demand for the US dollar across its major rivals following a trade truce reached between the US and China over the weekend. Meanwhile, a lack of consensus reached on the EU top jobs also remain a drag on the spot.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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