Germany Unemployment comes in at 2.996M against 2.991M consensus

Germany’s unemployment figures for August were released today, showing 2.996 million people unemployed. This figure came in 0.2% higher than the consensus estimate of 2.991 million. The previous month’s unemployment stood at 2.993 million. The actual number indicates a slight increase in unemployment compared to both the previous month and market expectations.

Following the release, the Euro saw varied, mostly modest, movements against major currencies over the first 15 minutes. EURAUD gained 5.3 pips, while EURCAD dipped 0.8 pips. EURCHF was down 0.5 pips, and EURGBP rose 2.4 pips. EURJPY advanced 7.6 pips, and EURNZD climbed 7.2 pips. EURUSD showed a 0.8 pip increase. These initial movements are generally small when compared to the typical median 1-hour moves observed after past releases. For instance, EURUSD’s 0.8 pip move is notably less than its median 1-hour move of 6 pips, and EURJPY’s 7.6 pip move is below its median 1-hour move of 10 pips.