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Global macro overview for 03/11/2015

Global macro overview for 03/11/2015:

It was unveiled today that the Spanish unemployment change made up 82.3K, which is larger than expected figure of 70.3K and much larger than the last month print of 26.1K. Moreover, yesterday's PMI Manufacturing data revealed that the eurozone's fourth-largest economy is slowing down as the Markit PMI number of 51.3 reflected the weakest rise in output for nearly two years. It means that for the third month in a row Spain's unemployment is increasing despite the jobless rate being relatively stable at the level of 22%. Nevertheless, the increasing number of the unemployed people in Spain is raising a question whether the recent slight pick-up in economic expansion was just a one-off rebound that will fade soon.

The EUR/USD pair has broken below the short-term trend line after the news release and now is trading at the level of 1.0997. The next support is seen at the 61% Fibo at the level of 1.0963.


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