Eurozone unemployment hits highest level

The Euro has weakened over 1c against sterling today, as Eurozone unemployment figures hit their highest level since 1998.

In a stark reminder of the disparity of Eurozone economies, Italian unemployment was up to 8.9%, its highest since 2004, and Germany’s fell to historic lows.

This has weakened the Euro, giving better rates for sending money to the single currency zone, despite new optimism yesterday that the debt crisis might be brought under control by the new fiscal pact signed by 25 of the 27 EU member states.

Elsewhere today the market has stayed relatively flat, despite negative consumer credit and mortgage approval figures in the UK.

Tomorrow morning sees a lot of data released around the world, with Eurozone inflation at 10am perhaps the most important for exchange rates.