The number of people unemployed in France rose 1.0pc in March from the previous month, according to figures published this morning. The Labour Ministry said the jobless total, according to International Labour Organisation criteria, rose by 24,500 to 2.505 million. The gloomier than expected rise in unemployment pushed the jobless rate up to 9.3pc, from 9.2pc in February. Analysts had forecast that the rate would remain steady in March.
Despite the news, the euro remains well supported, at USD1.1126 against the dollar, ahead of European consumer and business sentiment data due later this morning. In other news, French statistics office Insee reported this morning that a composite indicator of consumer confidence rose to minus 29 in April from minus 32 in March, reflecting a surge in confidence among consumers following a swift end to the war in Iraq. The figure was in line with economists' expectations. Consumers' personal finances outlook was unchanged at minus five but the outlook for the standard of living rose to minus 42 in April from minus 49 in March. ///www.fxcentre.com