Germany Unemployment Rate comes in at 6.4% against 6.2% consensus

Germany’s Unemployment Rate for July was released at 6.4%. This figure was higher than the consensus expectation of 6.2%. The actual print also represented an increase from the previous month’s rate of 6.3%. The 6.4% actual rate was 3.2% higher than the consensus forecast.

Following the release, the Euro exhibited varied movements against other major currencies over the first hour. EURUSD moved +16 pips, which is above the top-quarter of typical 1-hour moves of 13+ pips observed after past releases. EURCHF moved -11 pips, also exceeding the top-quarter of typical 1-hour moves of 9+ pips. EURNZD moved -21 pips, reaching the top-quarter of typical 1-hour moves of 21+ pips. EURCAD moved +11 pips, which is above its median 1-hour move of 7 pips. EURJPY moved -13 pips, also above its median 1-hour move of 10 pips. In contrast, EURAUD moved -6.3 pips and EURGBP moved -3.7 pips. These moves were small relative to their respective median 1-hour moves of 11 pips and 7 pips after past releases.