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EUR/USD not so impressed by German data

The latest German unemployment data has just been released. The markets had expected the unemployment rate to remain at 5.9% in April and that is exactly what was just delivered. However, the claimant count did rise by 10k. Leaving that aside, the reaction in the Euro has been minimal and we do have a number of events coming shortly which could have more of an impact. The first of those is hitting the screens right now and it is German GDP- The Q1 flash estimate was expected to grow by 0.1%, from a prior reading of -0.3%. The actual data has revealed a rise of 0.2%. That data has not shifted the dial for the Euro either and maybe that is due to the non-seasonally adjusted rate falling by 0.9%. Later this morning, at 9am GMT we get the pan-European number,  which might have more of an impact, as might the Q1 flash HCIP data. The lack of reaction in the EUR/USD does underscore that right now too. So, right now, the dollar looks like it is still on the front foot heading into the month-end. The EUR/USD is currently trading at 1.0702 
 

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