Euro zone March unemployment worse than expected

Euro zone March unemployment rose to 8.9%, worse than the median forecast of 8.7%. It will be interesting to see whether the recent strong increase in risk appetite weathers this piece of bad news.

The inital reaction is for EUR/USD to slip about 15 points to 1.3320.

Meanwhile euro zone April inflation came in at 0.6% y/y, unchanged from March, and exactly in line with the median forecast.