Euro Area Unemployment Rate

Being pressed by the negative statistics published on Wednesday, the single European currency is pairing gains.
According to Eurostat, unemployment in the Eurozone edged up to its un-prece-dented high.
In April about 10.9% of Eurozone residents were unemployed. In Spain the number of jobless citizens appeared to be the most impressive - 24.4%. Austria, on the contrary, demonstrated the smallest number of the unemployed - 4%. Unemployment in the Eurozone has been climbing up for the 11th month in a row already.
It comes as no surprise, as a role model for European economies - Germany - is also suffering from soaring unemployment. Analysts had expected that the situation on the German labour market would change for the better by 0.1%, but unfortunately the indicator remained steady at its March reading.
The disappointing data sent the euro /US dollar pair below the level of 1dollar 32cents to 1 dollar 31.4 cent.
Further falling was hindered by negative messages concerning the current conditions on the US private sector labour market.