Forex News
February 4, 2013 @ 10:57 am

Euro weakens after disappointing Spanish jobs figures

The euro is trading lower against the dollar in early Monday European trading hours after being weighed down by weak Spanish jobs data.

Span is the fourth-largest economy in the euro zone and has been hit hard by the euro zone crisis, plagued by a deep recession that has created record high unemployment in the country, especially amongst youth.

Data from the Spanish Labour Ministry indicated the number of jobless in the country increase in January by 2.7 percent, meaning that the number of Spanish people out of work has risen to 4.98 million people.

The quarterly unemployment rate reached a whopping26 percent in the fourth quarter of 2012 with 5.97 million jobless, as was reported last month by the Spanish National Statistics Institute.

The euro dropped below the $1.35 threshold after the data today. The news today adds to already bad news from Spain. Recently, the Spanish government is facing allegations of corruption and Prime Minister Mariano Rajoy is being asked to step down.

Senior officials in the ruling Popular Party are being accused of receiving secret payments over the last two decades.

Public anger over the corruption allegations in Spain spilled onto the streets of Madrid on Sunday night as protesters demonstrated and called for Mariano Rajoy to resign, although he denies the allegations.

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