Hi koala king and folks.
Good day to you.
The most important events of the past week:
The number of unemployment benefit claimants in France for October grew sharply and reached the highest level in the past fourteen years. With more than 45 million people already added to the unemployment benefit applicants, the number of unemployed in the month was over three million one hundred and three thousand people. This is the eighteenth consecutive month that the unemployment rate in France is on a bullish trend.
Interest rate of six-month Italian bonds on Wednesday in the bonds market fell. Italy won 7.5 billion euros of government bonds sold at a profit of less than one percent. Reduction of the cost of government borrowing has suggested that investors in the stock market are hopeful with regards to economy.
Euro zone finance ministers and the International Monetary Fund at its recent meeting agreed to reduce Greece’s debt.
The unemployment rate in Germany was slightly increased for the eighth consecutive month. However the increased number of unemployed in November was lower than the initial forecast. Many experts believe that the unemployment rate over the coming months particularly in the industrial sector and exports will face increasing trends.
Unemployment in the euro area recorded a new record during October and reached the highest level since 1995. Statistics Centre for Europe based in Luxembourg said in a report released Friday that the average unemployment rate among seventeen countries in the euro zone, with a 0.1% increase from September, rose to 11.7%. That means more than 173 thousand unemployed. In just four years the unemployment rate has increased 3.9 percent. In October 2008 it was only 7.8%.
Many experts are looking towards an economic contraction of 0.3 percent for the final quarter of the year for the Euro Area.
During the third quarter of this year, America’s economy has experienced a growth of 2.7%. Commerce Department figures show the state of the economy with more exports and economic growth was 0.7 percent better than the previous forecast. However some economists believe that the rush is temporary and the state in the last quarter of the year will return again to the level of two percent.
Given the above picture, I believe that the EUR / USD is bullish and its target is 1.3330.
Have a great weekend.
Masoud.Connect with us on and Facebook.
Have you checked out our membership subscription? Enjoy your own member dashboard with exclusive premium analysis for as low as less than $0.20 a day! Time Limited Promotion 30% OFF. Secure Discounted Rates Now. Popular