Euro is a little lower today against the US dollar, thanks in part to record unemployment. However, the 17-nation currency isn’t down by as much as it could be, and it’s still holding its own against the UK pound.
In a situation that makes it clear that the eurozone economy is still experiencing problems, the latest unemployment numbers from Eurostat show that unemployment is at a record high. The revised figure for January is at 11.9 per cent, which is the highest its been since the formation of the eurozone in 1999.
The news is having some impact on the euro, with the 17-nation currency falling against the US dollar. Additionally, euro is down against the Japanese yen. The eurozone economy has been struggling quite a bit recently, and the troubles in the periphery aren’t helping matters at all.
However, against the UK pound, the euro is holding its own. The UK economy is, itself, in pretty rough shape with worries of a triple-dip recession continuing to cause problems for the sterling against its major counterparts.
At 13:50 GMT EUR/USD is lower, down to 1.2821 from the open at 1.2849. EUR/GBP is up to 0.8475 from the open at 0.8437. EUR/JPY is falling, dropping to 119.7495 from the open at 119.8105.
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