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Forex: EUR/JPY tumbling after German unemployment

On the release of German unemployment data, the EUR/JPY is diving and has already erased its daily gains by falling from 120.40/50, below its opening price of 120.14, and already below the 120.00 mark.

German unemployment dropped less than expected in February, by -3 instead of -5, with the rate staying at 6.9% instead of the 6.8% consensus.

The Spanish GDP fell more than expected, from -1.6% to -1.9%, instead of -1.8%. In Q4, GDP contracted -0.8%. Good news is that current account balance improved from €1.78B to €4.87B in December.

Ahead is EMU and German CPI. “While would allow for a slight rebound from here, the recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, wrote Commerzbank analyst Karen Jones.

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