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German unemployment rises above 2.8 million but the DAX does not care
The latest German unemployment data has just been released and it was a little worse than expected. The number of claims rose to 11k, where 7k was forecast. Also the number of overall unemployed rose to above 2.8 million. The EUR/USD has reacted to the news, by dropping back from a pre-data release high at 1.0847, to around 1.0835 as I write. However, the DAX does not seem to care much and the index has now extended its gains to above 17,700. So, another new record and pretty soon I am going to get sick of saying that. Meantime, a whole raft of German state regional CPI data has just been released and for the most part it seems to have come in lower than previously reported, but I do not have all the data to hand just yet. The DAX is currently trading at 17,685 as the EUR/USD now rebounds following this data and hits a session high at 1.0850
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