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Greek unemployment tops 27 percent to hit new record in January

Greek unemployment tops 27 percent to hit new record in January

The jobless rate has almost tripled since the country’s debt crisis emerged in 2009, and was more than twice the euro zone’s average unemployment reading of 12 percent. The Greece’s economy is in its sixth year of recession, battered by tax hikes and spending cuts demanded by its European Union and International Monetary Fund lenders. The economy is expected to shrink 4.5 percent this year.

In the UK, GBP hits seven – week high versus dollar, but still unsteady. The sterling was unlikely to see any indicative gains until BOE minutes next week and first quarter growth figures later in the month and was still susceptible to loses given the economy’s flat outlook. Also job vacancies at financial-services companies in London jumped by 25 percent in the first quarter as companies boosted their compliance and risk-management divisions to placate regulators. The vacancies in the British Capital rose in the fourth quarter but still, the number of available jobs fell 7 per cent in March from a month ago.

On the FX Markets, technical levels today in GBP/USD: Resistance is seen at 1.5425 which is the 38% retracement of the Jan-March sell off. A close above here would imply upside continuation. Until that happens the bears still have control in the near term. Support comes in at 1.5200 and then 1.5034 which is the low price of last week.

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