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July 2016

German unemployment declines in July

Published: Thursday 28 July 2016

German CPI rose both month on month and year on year in July, above expectation. Unemployment dropped -7k in July while unemployment rate was unchanged at 6.0%. The German data is possibly a further sign that the ECB may beef up its monetary stimulus and cut its deposit rate further into negative territory. Eurozone confidence indicators generally improved in July and beat expectations. US Initial Jobless claims rose much more than expected by 14k to 266k above 6k above expectation. US continuing claims rose 7k to 2.14m as GBPUSD dropped on the back on this but regained slightly.

German Chancellor Angela Merkel has defended her policies on refugees in the wake of recent terror attacks. Some of the attacks were by asylum seekers who she said had "shamed the country that welcomed them". She proposed new measures on information sharing, deciphering web chatter, tackling arms sales on the internet and improving security responses to attacks. 

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