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German unemployment rises but DAX remains upbeat

The October German unemployment report has just been released. The markets were expecting a rise of 14k in the numbers of unemployment claims and an increase in the underlying rate, to 5.8% from 5.7%. The actual data has see claims rise to 30k and the rate has risen to 5.8%. Now ahead of this the DAX had lifted even more, rising to just around 15,125. This is not especially good data from Germany this morning, but it has not yet had much, f any negative impact on the DAX. The EUR/USD is not materially lower either, as the earlier dynamics in respect of a weaker dollar and higher stocks look as yet unchanged. The DAX is just now trading at 15,112
 

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