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When Mario Draghi, the head of the European Central Bank, unexpectedly cut interest rates, many instantly wondered why: what did he know that the markets didn’t? This morning’s economic releases have helped to answer this question.
Although the recovery is well founded in the UK, and a little further down the road in the US, mainland Europe is still struggling. One indicator frequently under scrutiny at the moment is the unemployment rate. With the US and the UK posting figures of 7.3% and 7.6% respectively, in comparison to the eurozone’s 12.2% rate, it is obvious where the differences are coming from. And today’s update has seen the markets advised that Greek youth unemployment now stands at a jaw-dropping rate of over 60%.
Janet Yellen’s speech yesterday saw the US dollar weaken, as she once again highlighted her dovish stance. This was followed by today’s poor EU figures, causing the euro in turn to decline. And now we look ahead to an afternoon in which Janet Yellen will testify to the senate. Will it be the dollar’s turn to slump again?