Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. Over time the Employment Data will affect all economic releases, it does however take time for labor trends to form.

Trade Desk Thoughts: The unemployment rate in the Euro-area rose to 7.8%, in-line with the market expectations. The unemployment rate for the month of October was left unrevised at 7.7%. About 12.180 million persons were unemployed in the Euro-area, up by 202K from one month earlier. From one year ago, the unemployment rate rose by 0.6%, or 1 million persons. Among the member states, the highest unemployment rate was observed in Spain, in November, 13.4%, up from 8.6% one year ago.

Forex Technical Reaction: The euro is currently testing the 100-day simple moving average. Since the Asian session started, the pair has fallen 75 pips. Against the swissy, the euro fell has dropped 60 pips and has traded flat against the pound.