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Euro Above 1.3200 as German Labor Data Lifts

Last updated 1/31/2012 4:21 AM ET (GMT -5) 0 Comments - Add your comment

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Boris Schlossberg

Director of Currency Research, GFT

German labor data printed much better than expected with unemployment rate hitting an all time low as Europe’s largest economy continued to defy sceptics by posting yet another month of robust growth in jobs. German unemployment declined by -34K versus -8K eyed - its best reading in 10 months. The unemployment rate dropped to 6.7% versus 6.8% forecast.

The news bodes well for German growth in H1 of this year as stronger employment data will no doubt help fuel both business and consumer confidence and will provide a strong fiscal foundation as the country grapples with the ongoing sovereign debt crisis in the region.

The EUR/USD scaled the 1.3200 barrier in the wake of the news and  will likely test the year to  date highs of 1.3225 set last Friday is risk flow continue to be supportive into the North American open.

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About The Author

Boris Schlossberg began his Wall Street trading career more than 20 years ago at Drexel Burhnam Lambert. There, he traded nearly every type of financial product on the market in the U.S., from equities and options to stock index futures and foreign exchange. His innate ability to analyze market information and use it to trade has helped him become an industry-recognized, “go to” trading professional.

These days, whenever the markets move, many organizations turn to Schlossberg for his take on the situation. He is a weekly contributor to CNBC's Squawk Box and a regular commentator for Bloomberg radio and television. His daily currency research is widely quoted by Reuters, Dow Jones and Agence France Presse newswires and appears in numerous newspapers worldwide. Schlossberg has written for publications like SFO magazine, Active Trader and Technical Analysis of Stocks and Commodities. He is also the author of Technical Analysis of the Currency Market and the co-author of Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game with Kathy Lien. He joined GFT in 2008.