German ILO Unemployment Drops to 15 Year Low But Fails to Boost the Euro-Dollar (EURU

[DailyFx]

German August ILO unemployment dropped to 7.2% from 7.3% in the previous month. August ILO employment rose 42K. Expectations had been for a stable jobless reading, but with the focus on national data for September, the numbers are too backward looking to add anything new to the labour market outlook. They confirm, however, that so far the economic slowdown has not had a major impact on the job market, but as the labour market is a lagging indicator it seems only a matter of time until jobless figures start to rise again. Meanwhile, the unexpected improvement did little to spur price action for the euro-dollar (EURUSD), and the pair continues to hold near 1.4360.