Euro cheaper as Eurozone jobless reaches record high

31 October, 2011


This morning’s Eurozone unemployment figures showed the worst data in the Euro-era, with 16.2million unemployed across the 17-nation single currency area. The Euro has weakened (become cheaper) throughout the day.

The OECD also slashed its growth forecasts to show the eurozone economy expanding by only 0.3 percent in 2012, down from its previous forecast of 2 percent.

As a result, Euro exchange rates have risen nearly 2c today, giving some of the best Euro-buying rates we have seen since late September.

Focus will now turn to tomorrow morning’s UK GDP figure, as well as the appointment of new European Central Bank President Mario Draghi, who takes over from outbound President Jean-Claude Trichet tomorrow.