Germany's labor market remains strong, as the ILO unemployment rate dropped down to 7.3 percent from the prior and expected 7.4%, yet according to the official figures show that the unemployment rate rose to 7.9% from 7.8%.
Yet for the entire Euro Zone unemployment rate was steady in April at 7.1% inline with median estimates, indicating that the labor market should continue to support economic growth in the 15-nation economy.
The ECB must have been relieved when they saw the flash estimate for inflation in April, inflation rose in the Euro Zone by 3.3%, below median estimates of a 3.4% rise and the prior 3.5% rise.
While confidence dropped to its lowest since 2005 in the Euro Zone in April, rising food and energy prices are weighing on consumers all around the globe, while the rising Euro is starting to ache exporters' minds now, especially as Germany is considered to be an exporting oriented economy and makes near 1/3 of the Euro Zone economy!
The Euro took a toll after the news as it remained weak against majors today, the Euro hit a record high against the U.S Dollar last week above the $1.60 mark, yet it dropped this week to the $1.55 mark on optimism over the future of the U.S economy!
Later today the U.S will release a set of its top notch fundamentals, starting with the GDP and ending with the FOMC rate decision, should any release contradicts markets' expectations great movement will occur, so watch out for what's coming your way dear reader, we are approaching the zero hour and extravaganza might be the situation!!!