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Eurozone unemployment falls to lowest since February 2009

01 August 2017

Energy was expected to have the highest annual rate of inflation at 2.2% in July compared with 1.9% in June, followed by services at 1.5%.

The ECB seeks price stability in the eurozone by maintaining inflation rates below, but close to, two per cent over the medium term.

Strategists at Morgan Stanley cautioned that a 10 percent rise in the euro could knock 5 to 8 percent off Euro zone earnings and shave about 0.7 percentage points off regional GDP growth a year later as exports fall.

Eurozone unemployment rate decreased in June to the lowest level in more than eight years, figures from Eurostat showed Monday.

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Five years ago, European Central Bank President Mario Draghi pledged to do "whatever it takes" to save the euro.

The findings of the latest poll are in line with a separate Reuters survey of economists published earlier in July, which showed expectations for euro zone growth was strong and a reduction in policy accommodation was in the pipeline [ECB/INT]. The highest were Greece (21.7%) and Spain (17.1%). UniCredit on Thursday raised its forecast for the euro-dollar rate to $1.20 for the end of the year and an "equilibrium" rate of $1.25 for end-2018, from $1.14 and $1.18 respectively before.

Since the start of the year, with the exception of February, the euro has ended the month on a positive note.

Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on September 19-20. Doubts over Donald Trump's ability to push through any sort of meaningful policy changes and a pushing back of expectations for Federal Reserve rate hikes has now seen the Dollar index relinquish nearly 9% of its value since the beginning of March alone. The auto industry has rebounded, with June registrations across the wider European Union close to those of June 2007, before the global financial crisis.

Eurozone unemployment falls to lowest since February 2009